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AOBiome, Stealth apply to list in Hong Kong
Posted on Wednesday, 04 July 2018 13:14
US biotechnology companies AOBiome Therapeutics and Stealth Biotherapeutics are joining the burgeoning pipeline of early-stage developers seeking admission to the boards in Hong Kong. The two have asked for approval to hold initial public offerings (IPOs) on the city’s bourse, which is attempting to widen capital market access for those researchers with no profit or revenue in a bid to boost its own competitiveness. On one hand, AOBiome is focused on inflammatory conditions, central nervous system disorders and other systemic diseases, while Stealth concentrates on diseases involving mitochondrial dysfunction. While both are headquartered in Massachusetts – Cambridge and Newton, respectively – they have decided to try their chances of listing in Hong Kong via a Cayman Islands-incorporated holding company. The application comes a little over two weeks since Stealth closed a USD 100.00 million round of financing in two convertible note rounds led by Nan Fung Technology’s Pivotal Beta. Participating investors included Atlantis Investment, BVCF Management, CMBC Capital, Kingdon Capital, Ocean Equity Partners and Sagamore Investments, and existing backer Morningside Venture. Funds raised are earmarked to advance Stealth’s elamipretide drug through clinical trials for three indications, and to pay for upcoming regulatory and commercial milestones for the lead compound. Under the guise Nitrocell Bioschiences, AOBiome closed a series A financing in 2013 - and subsequently changed its name – and has since completed a further two rounds. In 2018 to date, 48 companies operating in the global biotechnology, pharmaceuticals and life sciences sectors have announced an IPO, according to Zephyr, the M&A database published by Bureau van Dijk. Zephyr shows Ascletis Pharma and Innovent Biologics, through Cayman Islands-incorporated entities, are currently leading the pack with plans to reportedly raise USD 500.00 million in their debuts in Hong Kong. © Zephus Ltd