China biotech FortuneRock gets IPO nod, but details sparse

China-based, clinical-stage biotech FortuneRock has received approval for an initial public offering on the National Equities Exchange and Quotations bourse, a Nasdaq-like listing board, but the amount and other details were not released. "The company's preliminary prospectus and information has been filed with the securities commissions regulatory authorities in China. The preliminary prospectus remains subject to completion or amendment," according to an Aug. 10 press release. But the release offered few details outside of its patent-protected recombinant protein drugs. "Currently, the company has one drug with clinical Phase I completed, one in later stage clinical Phase II, another waiting for approval to enter into clinical trials, and several novel drugs in pre-clinical studies, all for different indications," the release said. The Phase II candidate is aimed at preventing low white blood cell counts in chemotherapy patients. In August of last year, the company announced investments for its ongoing novel protein drug development and pre-IPO funding totaling $24 million, part of which would be used to set up of a new spinoff enterprise including building a new GMP manufacturing facility in Tianjin. Release