Innovent's Q4'18 report: China, U.S. development progress

China-based Innovent Biologics Inc., (HKEX: 01801) released its financial report for 2018, revealing growth in company income of 24.6% year-on-year (YOY) to reach RMB 103.3 million (USD 15.4 million) thanks to research and development (R&D) services to customers, government subsidies, and bank interest​. Meanwhile, loss and total global expenses as per the IFRS standard were RMB 5.873 billion (USD 875.7 million), up 720% YOY, attributable to a loss of RMB 4.338 billion in fair value in terms of the company's preferred shares.

Innovent has now built an extensive product pipeline consisting of 20 drug candidates, including Tyvyt (sintilimab), an anti-PD-1 monoclonal antibody (mAb) co-developed with Eli Lilly that was approved for market in China in December as a treatment for relapsed or refractory (r/r) classical Hodgkin's lymphoma (cHL). The company also lists three biosimilar candidates in late-stage clinical development in China, including IBI-305 (bevacizumab), IBI-301 (rituximab), and IBI-303 (adalimumab).

Innovent has applied for a number of investigational new drug (IND) approvals in the U.S., including for the FGFR inhibitor IBI-375 (pemigatinib), a PI3K inhibitor IBI-376 (parsaclisib), and JAK1 inhibitor IBI-377 (itacitinib), in-licensed from U.S.-based Incyte Corporation and currently under preparation for IND filing in China. Meanwhile, the company has initiated patient enrollment in the U.S. for a multi-center Phase Ib/II clinical trial for Tyvyt and a Phase Ia clinical trial for IBI-188 (novel anti-CD47). Its IBI-101 (novel anti-OX40) also obtained IND approval in the U.S. and is pending clinical trials.


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