Assure Tech Files for STAR Market IPO: Drug POCT Drives Core Business
VCBeat has learned that on June 2, 2020, Anxu Biotechnology’s application for listing on the STAR Market was accepted.
Anxu Biologics, established in 2008, has been dedicated to the development of in vitro diagnostic (IVD) reagents, instruments, and biological raw materials since its inception. The company possesses a proprietary technology platform for the independent research, development, and production of biological raw materials, including antigens and antibodies, as well as mature technology platforms for immunochromatography and dry chemistry diagnostics. It has developed a comprehensive portfolio of point-of-care testing (POCT) reagents covering eight major areas: drug abuse testing, infectious disease testing, chronic disease testing, pregnancy testing, tumor marker testing, cardiac marker testing, clinical chemistry testing, and allergen testing. Its products are exported to numerous countries, including the United States, Germany, the United Kingdom, Canada, Russia, Mexico, Thailand, Indonesia, and Poland. Anxu Biologics has become one of the few Chinese IVD product suppliers capable of competing with multinational IVD industry giants in the international POCT market.
Anxu Biotech regards technological innovation as its core competitive advantage and has been dedicated to the research and development, production, and sales of POCT reagents and instruments since its establishment. The company operates five major platforms: immunochromatography, dry chemistry biochemistry, biological raw materials, chemiluminescence, and precision diagnostics. Among these, the platforms for biological raw materials, immunochromatography, and dry chemistry biochemistry are relatively mature, with related technologies already industrialized. The chemiluminescence and precision diagnostics platforms are currently undergoing comprehensive strategic deployment; relevant technologies and products have been accumulated, and industrialization will be progressively realized.
Over the next three to five years, Aoxu Bio will continuously strengthen R&D of cutting-edge technologies in the POCT industry, optimize production processes, diversify its product portfolio, enhance self-sufficiency in biological raw materials, increase R&D investment, and expand its market share both domestically and internationally.
Anxu Biotech’s main products are POCT reagents and instruments, with POCT reagents being the dominant segment. Based on their applications, the products can be categorized into the following series: drug testing, infectious disease testing, chronic disease testing, pregnancy testing, tumor marker testing, cardiac marker testing, and biochemical testing.
Antigens and antibodies are the core raw materials for POCT reagents. Their performance influences the key performance indicators of POCT reagents and largely determines the upper limit of their performance. Antigens and antibodies required for POCT reagents are generally categorized into two types: specific antigens/antibodies and universal antigens/antibodies. Specific antigens/antibodies primarily leverage the specific binding reaction between antigens and antibodies to identify the presence of corresponding target analytes in samples. Universal antigens/antibodies mainly serve auxiliary roles in detection, such as being used in control lines to enhance product sensitivity and specificity.
The antigens and antibodies independently developed and manufactured by the company can also be categorized into the two aforementioned types. Among these, universal antigens and antibodies have been applied across the company’s full range of reagent products. Specific antigens and antibodies have been partially implemented in the company’s reagent series for drug testing, infectious disease testing, pregnancy testing, cardiac marker testing, tumor marker testing, and chronic disease testing, laying a solid foundation for the continuous innovative development and stable production of the company’s products.
As of the end of the reporting period, in addition to POCT reagents, the company has independently developed and completed seven POCT instruments. Among these, five products—the dry fluorescent immunoassay analyzer, hemoglobin analyzer, blood glucose meter, blood lipid analyzer, and colloidal gold immunochromatographic analyzer—have achieved sales in China. The hemoglobin analyzer and blood lipid analyzer have also achieved sales in the European Union. Two other products, the electronic pregnancy test and the handheld DOA reader, are currently applying for domestic registration.
Anxu Biotech nearly doubled its performance over the past three years, with revenue growing from approximately RMB 111 million in 2017 to approximately RMB 210 million in 2019. Net profit also improved from a loss in 2017 to a profit of approximately RMB 54.45 million in 2019. The debt-to-asset ratio decreased to 32.04%, indicating a significant reduction in total liabilities relative to total assets for that year. Based on these financial indicators, Anxu Biotech is currently operating in sound financial health.
Anxu Biologics' R&D expenditures have also continued to grow in tandem with its operating revenue, generally remaining at approximately 7% of operating revenue.
The funds raised from this listing will be primarily used to expand Aoxu Biologics’ production capacity. The majority of the remaining funds will be allocated to the construction of a technology R&D center, while a smaller portion will be directed toward intelligent manufacturing upgrades and the development of marketing networks.