Rare Disease Focused CANbridge Raises $77 Million in IPO on Hong Kong Stock Exchange

CANbridge Pharmaceuticals officially listed on the main board of the Stock Exchange of Hong Kong Limited under the ticker 1228.HK, having raised $77 million in an initial public offering.

The China-based global rare disease-focused biopharmaceutical company issued 56.3 million shares globally at a final offer price of $1.56 (HK$12.18) per share, raising approximately $77 million (HK$604 million) in net proceeds (excluding the 8,437,000 share over-allotment option, which is subject to exercise).

A total of seven well known cornerstone investors participated in the IPO, including: RA Capital, Hudson Bay Master Fund, Janus Investors, General Atlantic, WuXi Biologics, Ruihua Capital, and Belinda A. Termeer.

Founded in 2012, CANbridge has developed a comprehensive pipeline of 13 drug assets with significant market potential, including three marketed products; four drug candidates at clinical stage; one at IND-enabling stage; two at preclinical stage and another three gene therapy programs at lead identification stage. The company’s products and product candidates target some of the most prevalent rare diseases, as well as rare oncology indications, including but not limited to, glioblastoma multiforme (GBM), Hunter syndrome (MPS II) and other lysosomal storage disorders (LSDs), complement mediated disorders, hemophilia A, metabolic disorders, and rare cholestatic liver diseases and neuromuscular diseases.

CAN008, a glycosylated CD95-Fc fusion protein, is CANbridge’s lead experimental compound that is being developed for the treatment of GBM. The company received the approval for a first-line phase 2 trial in China in patients with GBM in April 2021 and dosed the first patient in China in October 2021. The company expects to commercialize CAN008 in China as a combination therapy with the standard of care for GBM (radiotherapy plus chemotherapy). CAN106 is a humanized monoclonal antibody targeting complement C5 that is being developed for the treatment of complement-mediated diseases, including paroxysmal nocturnal hemoglobinuria (PNH). The company obtained IND approval for CAN106 from China’s National Medical Products Association (NMPA) for PNH in July 2021.

In addition, CANbridge is also developing the next generation of gene therapy through internal research and collaboration with leading international biotech companies and academic institutions, which in recent months include research agreements with Peking Union Medical College on Rare Disease Research, University of Massachusetts Medical School (UMass), University of Washington School of Medicine, LogicBio, Scriptr, Mirum, and Wuxi Biologics.

Author: Rare Daily Staff