Shanghai Cellular Therapy Group Submits IPO Application to HKEX with Innovative Cell Therapy Pipeline

Recently, in ChinaSea Cell Therapy Group Co., Ltd. (hereinafterAbbreviated as "Shanghai Cell Therapy Group" or "Company") submitted an application for listing to the Hong Kong Stock Exchange. This is the company's first submission of a listing application.The joint home sponsors are CICC and CCB International.。

▲ Source of the image: HKEX official website

Its prospectus shows that, according to CIC (China Insights Consultancy),Shanghai Cell Therapy Group is the first and only company in China that covers the entire value chain of cellular healthcare, with businesses spanning cell storage, cancer treatment, cell-based drugs, and cell recharging.By comprehensively utilizing the company's proprietary底层 technology platforms, such as the nanobody cell navigation and control platform, the non-viral gene writing platform, and the nucleic acid synthesis and delivery platform, along with the support of完善的 core service infrastructures including cell repositories, cell factories, cancer hospitals, and medical testing laboratories, the company is able to provide customers with comprehensive, one-stop cellular healthcare products and services. This has successfully established a closed-loop cellular healthcare ecosystem with strong协同 effects.

Since its establishment in 2013, Shanghai Cell Therapy Group has been focusing on the research and development of cell drugs, while also developing and investing in underlying technologies and platforms related to cell drug applications. In 2015, the company entered the field of immune cell storage services, expanded into the field of tumor medical services in 2020, and further launched cell empowerment products in 2023.

▲ Development History of Shanghai Cell Therapy Group

▲ Shanghai Cell Therapy Group's R&D Pipeline

Among them,BZ019 is the first CAR-T cell therapy candidate product in China to receive clinical implied permission, prepared using a non-viral vector.In November 2019, Cell Therapy Group, in collaboration with the Institute of Hematology and Blood Diseases Hospital of the Chinese Academy of Medical Sciences, officially held the launch meeting for the registration clinical study of non-viral vector targeted CD19 chimeric antigen receptor T-cell injection (BZ019) in Tianjin, China.

BZDS1901 is the world's first CAR-T cell candidate drug armored with anti-PD-1 nanobodies focused on solid tumor treatment., Targeting mesothelin (MSLN）。Currently, there are no CAR-T cell therapy products for solid tumors approved globally. BZDS1901 has received approval from the National Medical Products Administration (NMPA) for treatment.MSLNIND Approval for Phase I and II Clinical Trials of Positive Solid Tumors, and FDA Orphan Drug Designation for Malignant Mesothelioma.

BZE2203YesAn autocrine PD1 antibody dual-targeting ultra-fast CAR-T cell candidate drug,Prepared by a non-viral vector with an ultra-fast 30-hour process, significantly shortening the time from apheresis to reinfusion., with the potential for high proliferation and in vivo persistence.BZE2203Expresses a dual-targeting chimeric antigen receptor that recognizes MSLN and MUC1 positive tumor cells, while secreting PD1 antibodies to target tumor-specific antigens. This activates both exogenous CAR-T cells and endogenous tumor-infiltrating T cells through a dual anti-tumor immune mechanism, exerting a synergistic effect in killing tumors.

Shanghai Cell Therapy Group is also dedicated to the development of breakthrough technologies and platforms, establishing a full-process integrated R&D system composed of three major platforms: a cell navigation and control platform based on nanobodies, a non-viral gene writing platform, and a nucleic acid synthesis and delivery platform.Its technology and platform focus on improving the entire lifecycle of cell therapies, with particular emphasis on enhancing safety and efficacy, reducing preparation time, and lowering production costs.Among them,Once the non-viral gene writing platform is widely applied to the preparation of CAR-T products, it has the potential to reduce the production cost of CAR-T to one-tenth and the production time to within 2 days.。

At the same time, according to Frost & Sullivan, after years of development, Shanghai Cell Therapy Group is the leader in the immunocyte storage business in China, ranking first in China.

In 2021, 2022, and 2023, the total revenue of Shanghai Cell Therapy Group was 4.99 billion yuan, 6.19 billion yuan, and 7.6 billion yuan, respectively, with a compound annual growth rate of 23.5% from 2021 to 2023.However, currently, the company still incurred losses, with an operating loss of 347 million yuan in 2023.

▲ Figure 1Historical and Forecast Data of China's Cell Healthcare Industry Market from 2016 to 2032(Source:Company Prospectus)

Shanghai Cell Therapy GroupAs the leading company in the immune cell storage industry, it has gained a leading position with the highest number of stored units. In 2023, the company achieved an incremental storage volume of approximately 31.9 thousand units, accounting for nearly 50% of the total market share. As a result, the cumulative number of stored units reached 94.7 thousand, demonstratingThe company dominates the immune cell storage market.China's cell storage industry has many smaller companies, most of which focus on stem cell storage services.

We look forward toShanghai Cell Therapy Group's IPO and product development are proceeding smoothly, offering more choices for patients.

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