ProteinPioneer Biotech Files IPO Prospectus: A Pioneer in Proteomics Research Services Expands into Mass Spectrometry-Based Multi-Omics CRO Market

Human exploration of the life sciences is an unending endeavor. In recent years, the rise of multi-omics has enabled a holistic elucidation of organismal functions, offering new perspectives for addressing fundamental questions in biology.

Mass spectrometry-based multi-omics has become an essential tool in scientific research services and new drug development.In the field of new drug development, multi-omics research can be applied to target discovery, biomarker identification, studies on drug resistance mechanisms, disease subtyping, and indication selection, thereby providing more comprehensive data support for pharmaceutical research and enhancing the efficiency and success rate of drug development. In the clinical domain, multi-omics approaches, represented by proteomics and metabolomics, can reveal the molecular changes underlying pathological manifestations, significantly expanding the range of potential disease biomarkers.

Currently, mass spectrometry-based multi-omics has sparked a global surge in research and development, achieving rapid advancement.In overseas markets, listed companies such as Quanterix, Olink, SomaLogic, Nautilus Biotechnology, Seer, Quantum-Si, Biodesix, and Sera Prognostics have already emerged. In China, many startups are also positioning themselves in this blue-ocean market, with SHANGHAI BIOPROFILE being one of them.

Bioprofile, established in 2017, is a high-tech enterprise co-founded by overseas-returnee scientists, Ph.D. holders from the Chinese Academy of Sciences, and senior experts in the field of multi-omics. The company specializes in the application of mass spectrometry technology in the two major areas of life science research and medical health.

Founder and CEO, Hu Jianwen,Graduated from the School of Life Sciences at Shanghai University, previously worked at the Shanghai Institute of Biochemistry and Cell Biology, Chinese Academy of Sciences, engaged in proteomics, research and development of protein drugs, and marketing.Hu Jianwen is one of the pioneers in proteomics research and technical services in China, and a founding member of Shanghai Zhongke New Life Biotechnology Co., Ltd. He has over 15 years of experience in corporate management and marketing within the proteomics and metabolomics sectors.

Dr. Jie Dai, Co-founder and CTO,Graduated with a degree in Biochemistry and Molecular Biology from the University of Southern Denmark, and served as a Mass Spectrometry Application Manager for nearly 10 years at the Shanghai Institutes for Biological Sciences, Chinese Academy of Sciences, and Thermo Fisher Scientific.With 15 years of experience in mass spectrometry applications and R&D, and has published more than 30 articles on proteomics and metabolomics.

It is worth mentioning that before starting his own venture, Hu Jianwen worked at Zhongke New Life, one of the first companies in China dedicated to the proteomics industry. “When I joined Zhongke New Life full-time, the company had only five or six employees. At that time, I led the sales department and grew alongside my former employer, witnessing Zhongke New Life’s rapid development from its inception to turning losses into profits.”"This experience was crucial to my understanding of how a company evolves from a startup to maturity, and it also allowed me to witness the rapid industrialization of proteomics in China."

By the time Hu Jianwen had spent a decade in the industry, it was 2015. “At that point, promising prospects were already emerging in China’s mass spectrometry sector. After two years of research and reflection, I ultimately decided to establish Bioprofile in 2017. For me, entrepreneurship was a natural choice following more than ten years of experience in industrialization, enabling me to fully leverage my accumulated expertise and capabilities to their maximum potential.”

After six years of rapid development, Shanghai Bioprofile has grown from an initial core team of just a few members into a workforce of over 150 employees. By leveraging interdisciplinary integration and technological innovation across mass spectrometry, proteomics, metabolomics, genomics, big data, and pharmaceutics within the life sciences, Shanghai Bioprofile has rapidly established robust scientific and technical barriers. This strategic advantage has significantly accelerated the company’s business growth, enhanced its brand visibility, and solidified a strong corporate image.

To date, SHANGHAI BIOPROFILE has secured nearly 20 core patents, developed over 50 scientific service products in proteomics and metabolomics, established more than 10 R&D pipelines for clinical mass spectrometry kits, and implemented over 15 laboratory-developed tests (LDTs) for clinical mass spectrometry. The company was recognized as a National High-Tech Enterprise in 2019 and was awarded the title of Shanghai “Specialized, Refined, Differential, and Innovative” Enterprise in 2022.

Excellent companies naturally attract investor favor,In 2020 and 2023, SHANGHAI BIOPROFILE completed two rounds of financing, respectively, securing support from professional investment institutions such as the Entrepreneurship Relay Fund and Shanghai Zhonghuijin Capital.

Amid the current capital winter, Bioprofile’s successful completion of two rounds of financing demonstrates both its strength and good fortune. Hu Jianwen remarked that the pandemic had just broken out at the time, followed by approximately six months of lockdowns across China. “Without the timely injection of that capital, Bioprofile would have faced project contraction or stagnation in the subsequent months, like most other startups in China at the time.”

"This influx of capital provided SHANGHAI BIOPROFILE with a welcome boost amid challenging market conditions, enabling the company to upgrade to better-equipped offices and laboratories, acquire key instruments such as mass spectrometers, and recruit top-tier talent in bioinformatics, data analysis, and IVD marketing. These initiatives have driven a qualitative improvement in both the company’s hardware infrastructure and software capabilities,""SHANGHAI BIOPROFILE’s revenue also bucked the trend, growing by 40% from nearly RMB 10 million in 2019 to over RMB 30 million last year. While the pandemic may have impacted the industry as a whole, its effect on SHANGHAI BIOPROFILE was not significant."

To date, with the joint support of its entire team and investors, SHANGHAI BIOPROFILE has established several platforms, including a standardized mass spectrometry detection platform, an automated enrichment platform for low-abundance blood proteins, a single-cell proteomics analysis platform, a cysteine modification technology platform, and a targeted metabolomics technology platform.

It is worth mentioning that, based on the aforementioned platform,SHANGHAI BIOPROFILE has completed dozens of collaborative projects this year in the fields of low-abundance blood sample processing and single-cell proteomics. In the area of cysteine modification, the company has collaborated with clients to publish landmark articles in Nature-level journals. Regarding clinical mass spectrometry, SHANGHAI BIOPROFILE has not yet launched external promotional efforts; however, several automated devices have already been patented, multiple assay kits are in the stage of regulatory submission for certification, and a GMP-compliant workshop is under construction. Significant progress and outputs are expected next year.

In the field of scientific research services,SHANGHAI BIOPROFILE has established a comprehensive multi-omics portfolio and services, encompassing proteomics (including differential proteomics, post-translational modification proteomics, targeted protein quantification, protein identification, and customized proteomics services); bioinformatics (including multi-omics integrated analysis, GO functional annotation, GO/KEGG enrichment analysis, KEGG pathway analysis, and PPI analysis); and metabolomics (including untargeted metabolomics, untargeted lipidomics, targeted custom metabolite quantification, targeted metabolomics, and targeted lipidomics).

In the field of metabolomics research,SHANGHAI BIOPROFILE boasts internationally leading untargeted metabolomics databases, including a proprietary library of 3,000 compounds and a public library of 800,000 compounds, as well as domestically leading metabolomics technologies such as spatial metabolomics and clinical targeted metabolomics. Furthermore, SHANGHAI BIOPROFILE offers customized analysis of target metabolites based on client needs, demonstrating rapid and efficient capabilities in targeted metabolite customization.

In the field of proteomics research,SHANGHAI BIOPROFILE is the first company in China to offer a wide range of proteomic services for protein modifications, including palmitoylation, oxidation, and epigenetic analyses such as histone acetylation and methylation. It is also the pioneer in China in providing various validation methods for modified proteomics, such as PRM quantification of acetylation and ubiquitination sites. Leveraging the newly acquired state-of-the-art Orbitrap Astral mass spectrometer, SHANGHAI BIOPROFILE has taken the lead in offering technical services for spatial proteomics, single-cell proteomics, and species-specific protein expression profiling.

Based on the aforementioned technical platform,SHANGHAI BIOPROFILE has built upon its scientific research services to progressively advance its clinical mass spectrometry business, including clinical testing and biomarker development.Leveraging its accumulated expertise in scientific research services, SHANGHAI BIOPROFILE will translate these capabilities into clinical mass spectrometry testing for diseases related to metabolic small molecules and the development of clinically translatable biomarkers. Furthermore, building on its biomarker research achievements, the company will develop biomarkers for major diseases such as various cancers and cardiovascular diseases, with applications in early disease diagnosis, disease subtyping, and drug target discovery.

“This is also a key differentiator between us and other companies in the field. Bioprofile has established a comprehensive layout of its technology platform and product service offerings. We cover both proteomics and metabolomics, and we are simultaneously advancing in both the research and clinical markets,” Hu Jianwen told VCBeat.

According to data shared by SHANGHAI BIOPROFILE, there are currently over 400 clinical mass spectrometry testing items in the United States, with a market size of RMB 100 billion, accounting for 15% of the U.S. clinical testing market. In China, clinical mass spectrometry testing is currently limited to a few applications, such as newborn screening and vitamin testing, representing less than 1% of the clinical testing market. However, its growth rate is projected to exceed 20%, with a long-term market size estimated at RMB 100 billion.

Comprehensive technological and application layouts, coupled with markets possessing high growth ceilings, naturally attract support from investors and partners across the upstream and downstream segments of the industry chain.SHANGHAI BIOPROFILE has established collaborative partnerships with hundreds of leading universities, Grade A tertiary hospitals, and premier research institutes across China. According to incomplete statistics, it has collaborated with over 300 Grade A tertiary hospitals alone, resulting in the publication of more than 200 SCI-indexed papers.

On September 19, 2023, Bioprofile and life sciences giant Thermo Fisher Scientific officially signed a strategic partnership agreement and jointly unveiled their collaborative laboratory, which was formally established in Shanghai.

Signing and Unveiling Ceremony for the Joint Laboratory of SHANGHAI BIOPROFILE & Thermo Fisher Scientific. Image source: SHANGHAI BIOPROFILE

Hu Jianwen stated, “Within the joint laboratory, SHANGHAI BIOPROFILE can provide feedback on the development of laboratory consumables and offer suggestions for optimizing omics products during instrument usage. Thermo Fisher Scientific can also collaborate with SHANGHAI BIOPROFILE to develop omics-related product series by discussing the latest, complex, and previously unattainable research samples identified through various channels. This increasingly close partnership between the two parties will continue to generate positive feedback for industry development.”

To prepare for the company’s rapid future growth, Bioprofile will launch its Series B financing round next year. Regarding future development, Hu Jianwen told VCBeat, “In the short term, Bioprofile will continuously deepen and broaden the dimensions of its R&D efforts and accelerate the commercialization of its various pipelines. In the long run, Bioprofile will simultaneously focus on both the scientific research and clinical markets, gradually mature its industrialization and marketing capabilities, and actively collaborate with partners across the upstream and downstream of the industry chain to jointly advance the development of the mass spectrometry field.”