MingMed Biotechnology is seeking a Hong Kong listing this year to raise funds to research and market a genetically engineered alternative to Botox in China.
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The drug developer, based in the Nansha district of Guangzhou, said it would set up an incubation centre in the Hong Kong Science and Technology Park in the third quarter.
“Hong Kong has many good universities and research institutes, but it [does not have] a lot of innovative biotech firms,” said MingMed CEO Zhang Yan in an interview on Friday. “We aim to [turn] early-stage research discoveries at the city’s universities into commercial products.”
He said Hong Kong was a good platform for fundraising, early-stage drug research and global commercialisation, while Nansha was an ideal location for research and manufacturing.
MingMed has raised 1.75 billion yuan (US$243.7 million) from multiple private fundraisings, Zhang said, adding that its largest institutional investor was Beijing-based Gaorong Ventures. The company filed a Hong Kong listing application in 2022, but let it lapse due to unfavourable global market conditions for biotech stocks, he said.
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Last year, MingMed completed a late-stage, phase-three clinical trial on a genetically manipulated alternative to Botox, which is used to reduce wrinkles. Botox is made from a naturally occurring botulinum toxin, a protein produced by a bacterium. Genetically engineered products could lower production costs and enhance product safety, Zhang said.