NANJING, China, May 24, 2016 /PRNewswire/ -- PharmaBlock Sciences (Nanjing), Inc. ("PharmaBlock" or the "Company"), a leading innovative chemistry products and services provider serving the R&D sectors of the pharmaceutical and biotech industries, announced today that it has received approval from the National Equities Exchange and Quotations (NEEQ) to list on the New Third Board, the over-the-counter (OTC) stock exchange in China.
Founded in 2006 in Nanjing, PharmaBlock is committed to helping its worldwide customers maximize discovery and development efficiency when making the next generation of medicines. It has rapidly gained recognition for its outstanding capability in the design, synthesis, and supply of lab scale building blocks. Continuing on that success, the company established BTC Pharmaceutical Co. Ltd. in Nantong, Jiangsu province as its pilot plant site in 2015, and acquired Shandong Diai Biotechnology Co. Ltd. in Dezhou, Shandong province as its manufacturing site in 2016.
The company reported revenues of RMB76.64 million for the full year of 2014, and RMB112.23 million for the first 10 months of 2015. Dr. Minmin Yang, PharmaBlock's founder and chairman, stated, "One reason why PharmaBlock has enjoyed a high and constant growth for the last several years is that we keep reminding ourselves to focus on the customers, we not only care what products the customers need, but strive to understand what challenges they face and what problems they try to solve with our products". "We also focus on chemistry, and have demonstrated our exceptional capability of solving challenging chemistry problems," added Dr. Haijun Dong, CEO of the company, "We provide lab scale building blocks, materials for preclinical and clinical studies, all the way to pilot plant and commercial manufacturing of key intermediates and APIs. In fact, a good number of our customers started at the gram level to feel us out, and then ordered in kilograms, and then in hundreds of kilograms as their drug candidates advanced in the R&D process."
The New Third Board was established by the State Council in January 2013 as a national OTC stock exchange to supplement trading activities on the Shanghai and Shenzhen stock exchanges, including the related Growth Enterprise Market (GEM) exchanges. When asked what's next for the company, "We plan to file IPO for the GEM exchanges approximately at the end of 2016," said Dr. Xihan Wu, CTO and Secretary of the Board of Directors of PharmaBlock.
About PharmaBlock Sciences (Nanjing), Inc.
PharmaBlock Sciences (Nanjing), Inc. is a leading innovative chemistry products and services provider throughout the pharmaceutical R&D process. Its core businesses include: a catalog of specially designed scaffolds and building blocks; custom synthesis; process development; and manufacturing of key intermediates and APIs.
PharmaBlock now operates in 3 locations in China: Nanjing as its headquarters and lab scale production site; Nantong, Jiangsu province where its pilot plant, BTC Pharmaceutical Co., Ltd. was established in 2015; and Dezhou, Shandong province where the manufacturing facility was acquired in 2016.
Since its establishment, PharmaBlock has partnered with over 80% of the top 20 pharmaceutical companies, and hundreds of small to medium-sized biotechs around the world. In 2011, the company opened a new facility in the San Francisco Bay area, aiming for more efficient and timely services to local customers in the United States and Europe.
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SOURCE PharmaBlock Sciences (Nanjing), Inc.