Pre-revenue EOC under STAR IPO review, eyeing USD 186m

EOC Pharma, a biotech operating out of the US and China, filed to hold an initial public offering (IPO) to Shanghai's Science and Technology Innovation Board (STAR). The company expects to raise RMB 1.32 billion (USD 186 million) from the IPO of 120 million shares, with the lion’s share of RMB 1.25 billion (USD 177 million) earmarked for drug research and development.

EOC Pharma is focused on drug research and development for breast and gastric cancers. Leading pipeline candidates include histone deacetylase (HDAC) selective inhibitor EOC103, in-licensed VEGFR inhibitor EOC315, recombinant lymphocyte activation gene 3 (Lag3) protein biological preparation combination therapy for breast cancer EOC202, and FGFR inhibitor EOC317 under development to treat gastric cancer with FGFR mutation or gene hyperplasia, urothelial cancer, and others.

EOC gained exclusive distribution rights in China to US major Eli Lilly & Co’s Ceclor (cefaclor) and Vancocin (vancomycin) in November 2016, and Japan-based Shionogi Inc.’s thrombopoietin-receptor agonist (TPO-RA) lusutrombopag in June 2019. In July 2019, EOC secured Greater China rights to Shionogi’s HER2 / EGFR inhibitor epertinib (S-222611), as reported by GBI.

EOC has yet to commercialize any product. Last year, the firm generated RMB 1.89 million (USD 267,000) in revenues, with RMB 182 million (USD 25.7 million) in net losses. The SSE STAR accepts listings by non-revenue biotechs under several conditions, including a minimum RMB 4 billion (USD 565 million) valuation, and at least one product candidate in Phase II clinical trials.

EOC’s Series C funding round closed at nearly RMB 500 million (USD 70 million) in December 2019, following the USD 32 million Series B in November 2017.


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