Hong Kong-based Hutchison China MediTech, or Chi-Med, has moved another notch up the U.S. listing regulatory process, filing an F-1 form with the U.S. SEC and providing a detailed financial snapshot, the company said in a press release.
The first step was an October announcement of an intended Nasdaq IPO for the firm that's focused on oncology and immunological diseases with a geographic spread that already includes Hong Kong, mainland China, and a London listing.
Any proceeds from the IPO would be used in a now ramped up clinical activity spree with a sharp focus on China, but also in the U.S.
Chi-Med holds the majority of R&D unit Hutchison MediPharma (HMP), part of the Li Ka-shing-controlled CK Hutchison Holdings.
|Chi-Med CEO Christian Hogg|
Interest in the IPO is expected to be high, and the original announcement was followed just days later by Beijing-based oncology biotech BeiGene, which said it aimed to raise as much as $100 million on the Nasdaq in an IPO. In its filing, Chi-Med mentioned a placeholder figure of as much as $100 million.
Chi-Med has 7 drug candidates in clinical-stage trials, including licensed deals with AstraZeneca ($AZN), Eli Lilly ($LLY) and Swiss-based Nestle.
This month, the HMP unit said it had started a U.S. Phase I clinical trial of sulfatinib, or HMPL-012, a candidate it holds all rights for that is on track for both a Phase III trial in China to treat neuroendocrine tumors (NETs) and a Phase Ib study to treat thyroid cancer before the end of this year.
A U.S. Phase II study in NETs is expected after the Phase I dose-escalation study for patients with solid tumors, the company said in a release.
HMPL-012 and HMPL-013 are two angiogenesis-inhibiting oncology drugs in development by the company.
- here's the release
- and the statement (PDF)