Jacobio Pharmaceuticals announces its first annual results after its IPO. Revenue was CNY486 million; R&D costs exceeded CNY230 million, increasing 66% year-on-year.
BEIJING and BOSTON, Mar. 29, 2021 -- Jacobio Pharmaceuticals (1167.HK) announced its first annual results after its Hong Kong listing. By the end of December 31, 2020, its annual revenue was 486 million yuan and R&D expenses exceeded 230 million yuan and increased 66% compared to 2019.
Jacobio focuses on in-house research and development of global first-in-class drugs. Its pipelines target critical cancer cellular pathways, including RAS, MYC, RB, I/O, etc.. Jacobio has expertise in developing allosteric inhibitors against protein tyrosine phosphatase, KRAS and transcriptional factors.
Jacobio generated revenue through licensing out its SHP2 inhibitors to a global partner. “As a clinical-stage biotech company, this licensing deal shows our in-house R&D capabilities,” said Dr. Wang Yinxiang, Founder, Chairman and CEO of Jacobio. “We hope to launch our drugs as soon as possible with our partner, to benefit more patients, and realise our commercial value."
Besides SHP2 inhibitors, the clinical-stage pipelines of Jacobio also include the KRAS G12C inhibitor JAB-21000, and BET inhibitor JAB-8263. IND (investigational new drug) applications have been submitted. Five other programs are in the IND-enabling stage.
In terms of the operations, Jacobio’s number of employees has expanded from 130 to about 180 employees in 2020, and the number will continue to grow in 2021. The 20,000 square meter GMP factory in Beijing is under construction and is expected to be completed before the end of 2023. Jacobio has a R&D center with a clinical team in Boston. The Shanghai office will be put into operations in the first half of 2021.
Jacobio was listed on the Hong Kong Stock Exchange Main Board in December 2020 and raised nearly US$200 million (CNY1.3 billion). The company was officially included in the Hang Seng Composite Index on March 15, 2021, and enrolled into the Shenzhen-Hong Kong Stock Connect trading list.
“In 2021, Jacobio will continue investing in R&D. We expect more partnerships with global MNCs to enhance all aspects of drug R&D capabilities, and obtain more global presence,” said Dr. Wang Yinxiang.
Jacobio(1167.HK) is committed to providing more products and solutions to people's health. Our mission is to provide compelling innovations for creating a pipeline of life-changing medicines. Our vision is to become a global leader recognized for our impact in drug R&D together with our partners. The company's R&D centers are located in Beijing, Shanghai and MA, with a platform and expertise in developing allosteric inhibitors against protein tyrosine phosphatase, KRAS and transcriptional factors.