Boan to Remove “B” Marker from Its Stock Short Name at HKEX

Boan Biotech today announced that the Hong Kong Stock Exchange (HKEX) has approved the company’s application to remove the "B" marker from its stock short name, as the company has satisfied the requirements of the listing rules at the HKEX.The company will announce the effective date of such removal in due course.

Being approved to drop the "B" marker from its stock short name indicates that a biotech company listed at the HKEX under Chapter 18A of the listing rules has met higher standards for revenue, market cap, etc. In 2022, Boan Biotech's revenue reached approximately RMB 516 million, representing a strong growth of 225% from 2021, mainly attributable to the sales of Boyounuo^® (a biosimilar to Avastin^®) and Boyoubei^® (a biosimilar to Prolia^®). Shortly after the company was listed on the main board of the HKEX on December 30, 2022, it was included in the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect programs. Having been approved to remove the “B” marker from its stock name is a new step forward for Boan Biotech in the capital market.

Boan Biotech is one of a few Chinese biopharmaceutical companies operating across the value chain of the industry from research and development to manufacturing and commercialization. The company's highly integrated and coordinated internal operation system enables it to "produce blood" on its own in a shorter period of time. Besides, the company also has strong commercial capabilities, to ensure the successful launch of candidate drugs in its pipeline.

A competitive and differentiated portfolio

The company has three proprietary technology platforms: Human Antibody Transgenic Mouse and Phage Display Technology Platform, Bispecific T-cell Engager Technology Platform, and ADC Technology Platform. On these platforms, Boan Biotech has built a strong portfolio, which includes 2 commercial products, 7 innovative antibody candidates, and 4 biosimilar candidates.

Since 2022, the company has made remarkable progress in the development of multiple drug candidates. Boyoubei^®, already launched in China as the world's first marketed denosumab biosimilar, is under development in Europe and the U.S. BA1102 (a biosimilar to Xgeva^®), the Biologics License Application of which has been accepted in China, is also being developed in Europe and the U.S. Two biosimilar candidates have made significant progress in Phase 3 clinical trials, one of which is BA5101, the world's first dulaglutide biosimilar to enter Phase 3 clinical trials. Five innovative antibody candidates are under Phase 1 clinical trials: BA1106, a non-IL-2 blocking anti-CD25 antibody candidate, BA2101, a long-acting anti-IL-4Rα monoclonal antibody candidate, BA1105, an ADCC-enhanced anti-Claudin 18.2 antibody candidate, BA1301, an ADC candidate targeting Claudin18.2, and BA1201, an anti-PD-L1/TGF-β bispecific antibody fusion protein candidate.

Well-established commercial capabilities

Boan Biotech has been reinforcing its commercial capabilities by leveraging its own professional marketing team and its strategic partners. On one hand, the company has established an extensive distribution network covering more than 1,300 hospitals and other institutions nationwide. On the other hand, it is joining hands with strong industry partners such as AstraZeneca, CP Qingdao, and OcuMension and leveraging their resources to unleash the clinical value and market potential of its products.

In 2022, Boyounuo^®, the company's first product, achieved continuous high-speed sales growth. The company also made significant progress in a shorter period of time with Boyoubei, its second product, with respect to coverage by the government's health insurance system and commercial collaboration thanks to the successful launch of Boyounuo and its well-established commercial capabilities.

In addition to China, the company also has subsidiaries in the U.S. and Singapore. It boasts a growing international R&D team and business development team as well. The company is also ratcheting up production capabilities to provide further support for commercialization.

Jiang Hua, Chairlady and Chief Executive Officer of Boan Biotech, said: "We were able to satisfy the requirements of the listing rules at the HKEX and have the "B" marker removed from our stock name shortly after getting listed, an indication of our strong commercial capabilities and a demonstration of our innovation value. We will continue to move toward the goal of becoming 'a leading biopharmaceutical company in the world', to provide more innovative products for patients, and to maximize the value for our shareholders and our communities alike."