HONG KONG, Feb. 26, 2019 /PRNewswire/ -- CStone Pharmaceuticals (Stock code: 2616) today announced the listing of 186,396,000 shares on the Main Board of the Hong Kong Stock Exchange. Based on the offer price of HK$12.00 per share, the net proceeds to be received by the Company are about HK$2,085.07 million (assuming the Over-allotment Option is not exercised). The net proceeds the Company receives from this offering will mainly be allocated to fund the Company's Core Product Candidate, clinical development of other pipeline products, in-licensing of new drug candidates, and to support the launch and commercialization process.
Established only three years ago, with a robust clinical development program, a rich oncology pipeline and an experienced team, CStone Pharmaceuticals has been recognized by well-known investors in two financing rounds with record-breaking amounts of financing in the biopharmaceutical sector in China at the time. Four quality cornerstone investors have been introduced in the Global Offering, which suggests the Company's business prospects are highly recognized.
Currently, CStone Pharmaceuticals has built an oncology-focused pipeline that consists of 14 assets, including three IO backbone drug candidates at clinical stage. The scale and mix of the Company's pipeline ensures that the Company can continue to focus on its combination therapy strategy. Among the four drug candidates that the Company holds development and commercial rights for Greater China, two of the drug candidates are the first drug candidate in its class globally, and the other two have potential to be first-in-class globally, which may address significant unmet medical needs in cancer treatment and bring novel benefits to patients worldwide.
As Dr. Frank Ningjun Jiang, M.D., Ph.D., the Executive Director, Chairman and CEO of CStone Pharmaceuticals, indicated, "The IPO debut in Hong Kong marks a huge milestone for the Company. We will continue to promote clinical development swiftly and strive to bring innovative and differentiated therapies to cancer patients, to provide employees a better platform, to bring benefits to shareholders and create value for society."
About CStone Pharmaceuticals
CStone Pharmaceuticals is a biopharmaceutical company focused on developing and commercializing innovative immuno-oncology and molecularly targeted drugs to address significant unmet medical needs for cancer patients in China and worldwide. Since the Company's inception in 2015, CStone has assembled a world-class management team that has a full spectrum of complementary skillsets from preclinical research to clinical development and commercialization. Through dual sources of innovation, comprised of internal research and external partnership, the Company has built a rich oncology pipeline of 14 oncology drug candidates with significant mono- and combination-therapy potential and synergies, including 4 assets exclusively in-licensed in Greater China from Agios and Blueprint Medicines. Among CStone's portfolio, 4 late-stage drug candidates are at or near pivotal trials. CStone's business model has a clear focus on clinical development, while at the same time, the Company is rapidly developing its commercial and manufacturing capabilities. The Company is backed by prestigious VC and PE funds with record-breaking amounts of equity investment, raising a combined total of approximately USD 412 million in two financing rounds to date. With an experienced team, a rich pipeline, a robust clinical development-driven business model, and substantial funding, CStone's vision is to become globally recognized as a leading Chinese biopharmaceutical company by bringing innovative and differentiated oncology therapies to cancer patients worldwide.
For more information about CStone Pharmaceuticals, please visit: www.cstonepharma.com.
SOURCE CStone Pharmaceuticals