BrightGene Bio-Medical Receives Acceptance for Sci-Tech Innovation Board Listing Review Post-Holiday

As the holiday season has just passed, BrightGene Bio-Medical Technology Co., Ltd. has received acceptance for its listing on the STAR Market in the latest updated list.

BrightGene is an R&D-driven high-tech pharmaceutical company dedicated to the research, development, and production of original innovative drugs and high-end generic drugs. Founded in October 2001, the company completed a Pre-IPO financing round in January 2019, led by Sequoia China and Honghui Capital, with participation from GF Qianhe, raising a total of RMB 550 million.

Figure: BrightGene's Profit Model

After years of development, BrightGene has established four advanced technology platforms: the fermentation semi-synthesis platform, the multi-chiral drug platform, the targeted polymer conjugation platform, and the non-biological macromolecule platform. Building on these four platforms, the company has developed a profitable business model that covers the entire pharmaceutical R&D industry chain.

After years of continuous research, development, and exploration, BrightGene has achieved breakthroughs in the fields of targeted therapy and immunotherapy for cancer, as well as in the treatment of fatty liver disease and diabetes. Multiple first-in-class innovative drugs have entered or are about to enter clinical trials. The company has successfully developed high-end generic drugs such as eribulin, trabectedin, and fondaparinux sodium, establishing a product portfolio with global competitive advantages in areas including oncology, super antibiotics, and intravenous iron supplementation. As of the end of the reporting period, the company had filed more than 300 invention patent applications and had been granted 80 invention patents domestically and internationally.

Figure: Key Financial Data of BrightGene Disclosed in the Prospectus

According to the disclosures in BrightGene’s prospectus, from 2016 to 2018, BrightGene maintained rapid growth in net profit without reducing its R&D investment. Net profit rose from RMB 17.061 million in 2016 to RMB 76.2437 million in 2018, representing a substantial increase of 446.88%. Amid this performance growth, BrightGene sustained high levels of R&D spending. From 2016 to 2018, the company’s R&D expenditures were RMB 53.5765 million, RMB 80.8115 million, and RMB 96.115 million, respectively. R&D investment has consistently remained at approximately 25% of operating revenue.

In addition, companies such as Besta and Chipscreen Biosciences have entered the inquiry stage.