Passage Biological Information Disclosure Vulnerabilities, the quality of the prospects is worrying

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Passage Biological Information Disclosure Vulnerabilities, the quality of the prospects is worrying

2022-01-18 18:08:12 27 ℃

Source: 财信

Author: Zhao Shuhan

On August 31, 2021, the IPO application of the Shuo Bichuang Panel Accepting the Pasta Biomedical (Suzhou) Co., Ltd. (hereinafter referred to as "Passie Biology"). As a bio-pharmaceutical enterprise that is committed to the development of new drugs in the field of chronic disease treatment, the fault organism is still in the product research and development phase, and there is no profitability, there is no profit, in the stage of continuous loss.

This time IPO, fault life is currently less profitable, but has strong research and development capabilities, the fifth listing standard of Kechuang board is expected to be not less than RMB 4 billion, and the funds are proposed to RMB 2.538 billion. .

A number of PE filing information error

According to the prospectus, the predecessor of Pan-Asia Bio Co., LTD. (Hereinafter referred to as "Pan-Asia" on May 13, 2008, is set up by the limited liability company in currency form. To $ 500,000. Since its establishment to 2020, the faracle creature has implemented several rounds of financing in Pan-ASIA. In order to achieve domestic listing, by consensus on all parties, PAN-ASIA's shareholders retain the Pan-ASIA shares that are held by demolishing the overseas equity architecture into the fault biological level.

As of this release, a total of 49 direct shareholders were discounted. Among them, various institutional investors have handled the private equity funds that have been filed in China Securities Investment Fund Industry Association (hereinafter: the Fund Association), but there are differences in the filing information of many private equity funds and the trust of the presentation.

According to the prospectus, Mingly China Growth Fund, L.P. (hereinafter referred to as "Mingly") directly holds 9.83% of the division organism, is the second major shareholder. The legal shareholder was established on July 13, 2006 and has been registered with the Private Equity Investment Fund for the Fund Association and registered as the entrepreneurial investment fund. The fund manager is Jiangsu High-tech Investment Group Co., Ltd.. However, the Fund Association official website shows that Mingly was established on August 24, 2006, and the final update time was last updated on June 30, 2017.

(Screenshot from the statement)

(Screenshot from China Securities Investment Fund Industry Association Official Website)

Huzhou Heiji Xinxin Shares Investment Partnership (Limited Partners) Directly holds 1.54% equity, and has been registered in the Private Equity Investment Fund in the Fund Association. The Prospectus disclosed that the private equity was established on August 13, 2020, but the Fund Association is publicized, and the private equity fund is established on August 24, 2020.

It is more strange that there is also a private equity fund's settlement time than the establishment of business registration, and has a "premature premature" oolong.

According to the prospectus, Wuxi, the United Noodang Health Industry Investment Center (limited partnership, "Wuxi State") directly holds 0.86% equity. Both the prospectus and business registration information showed that Wuxi Guolian was established on December 27, 2019, but the filing information of the Fund Association showed that there is two days of "premature birth" of Wuxi State.

(Screenshot from the statement)

(Screenshot from China Securities Investment Fund Industry Association Official Website)

In addition, the party creatures also have multiple PE shareholders in the establishment time registered with the private placement investment fund's filing, and the establishment time of the prospectus disclosure, such as Suzhou Industrial Park Industrial Investment Fund (limited partnership), Suzhou Wing 2 REFRAGEA (limited partnership), Zibo Yingke Jiji Entrepreneurship Investment Partnership (Limited Partners), etc.

This IPO, sent sputum hired sponsor is Guotai Junan, some shareholders' information error, and deviation from industrial and commercial registration information, or the quality of the preparation of the presentation has not passed.

According to the prospective investment enterprises (limited partnership, "newly referred to," new branch, "," Xin Jianyuan Phase II ") Registered as a venture capital fund. According to the prospectus, the new Xianyuan third phase was established on January 6, 2019, but the establishment of the national corporate credit information publicity system registration is January 16, 2019. The Fund Association official website showed that the private equity was established on April 11, 2019.

(Screenshot from the statement)

(Screenshot from national credit information publicity system)

(Screenshot from China Securities Investment Fund Industry Association Official Website)

Such low-level errors are more than one place. According to the prospectus, shareholders Suzhou Kayfeng Pseudo Investment Partnership Enterprise (limited partnership) hold 0.68% of the fault bio-equity, the fund manager registered in the Stock Fund Association is Ningbo Bonded Zone, Kai Feng Venture Investment Management Co., Ltd. (hereinafter referred to " Ningbo Kay Feng ").

Introduction to the present invention, Ningbo Kai Feng was established on February 1, 2017, but the establishment time of the national corporate credit information publicity system is on February 21, 2017. The official website of the Fund Association shows its establishment on January 31, 2018. .

And supplier publicity information contradiction

Passage Biology In addition to the leaks of their own preparation, the information publicly announced by partners is also contradictory.

Introduction to the statement, Parge Biology has developed drug molecules with high pharmacy, efficacy and safe safety through the HectorTM core technical system, widely covered type 2 diabetes, non-alcoholic fatty liver disease, obesity, hyperuricemia and gout and Alz The number of patients such as Haimeria has a large number of chronic diseases with long medication cycle. The HECTORTM technology system includes three main function platforms, namely slow disease, pharmaceutical molecular design platforms, and compound screens, wherein the slow disease molecular design platform comprises a polyethylene glycooleration technology platform and a reserve technology platform. Passage Biology is a technological enterprise that can develop, produce pharmaceutical-grade polyethylene glycol, produce pharmaceutical-grade polyethylene glycol, produce Polyethylene glycolinated technology, and developed by the polyethylene glycolification technology platform. A variety of pipeline products, including items such as PB-119, PB-718, PB-1902, PB-722, PB-1802 and other different development stages, including polypeptide drugs, protein drugs, and small molecular drugs.

In the first round of inquiry reply materials, fault biotech, upstream suppliers are mainly divided into clinical / clinical CRO service providers and CDMO suppliers. At present, the fault bio-product line is still in the clinical trial stage, and the clinical trial product is entrusted to R & D and production in the form of R & D Production Outsourcing Service (CDMO). After determining the appropriate CDMO, send the product technology data transfer to CDMO, including the process route, prescription process, quality standards, etc. of the raw materials and preparation products, and the technical details of the project will be fully organized. The exchange and discussion, and regularly carry out the project progress report will form a meeting minutes according to the project demand. At the same time, the Pasta Biosta sent production experienced professional and technical personnel to conduct on-site technical guidance and supervision of CDMO, ensuring that the production process complies with its requirements for production processes.

Among them, Chengdu Sano Biopharmaceutical Co., Ltd. (hereinafter referred to as "Sano Pharmaceutical") is a CDMO supplier of fault bio cooperation, mainly providing PB-119, PB-722, PB-718 raw material production services for PB-119, PB-722, PB-718 , Preparation services, and procurement services for reference. In 2019 and 2020, Sano is one of the top five suppliers of Saint-Particians, and the transaction amounts of both sides are 50.179 million yuan, 19.038 million.

Sano Pharmaceutical is a wholly-owned subsidiary of Chengdu Sano Biotechnology Co., Ltd. (hereinafter referred to as "Sano Biology"). The Sano creature was successfully listed on Komantnock on June 3, 2021. The main business of the Sano creatures is independently developed, produced and sold at home and abroad and strong competitive polypeptide products and preparation products, and the company relies on technical advantages in the field of polypeptide drug development and scale production. For domestic and foreign pharmaceutical companies, polypeptides, new pharmacy research services, polypeptide products custom production services and polypeptide drug production technology transfer services.

Sano Biological Prospect (registered) shows that Sano Biostair has 5 categories from preparations, raw materials, pharmacy research services, custom production, and supporting services. In the pharmaceutical research service provided in Sano creatures, in which innovative drugs in cooperation with divites are polyethylene glycolinated Asetad peptide injection, the application of the drug is diabetes.

The prospectus of the Sano Biology (registered) also mentioned that 2018-12020, the income of the Sano creatures provides pharmacy research services is 17.14 million yuan, 48.924 million yuan, 0 yuan, cooperative project name. It is a research on PB-105 and PB-119 projects.

(Screenshot from Sano Biological Registration)

However, there is no PB-105 product in the virgin bio. According to Pasta Biology, the fault organism currently has 5 pipeline products entering different clinical research phases and 4 clinical tubing products, and the pipeline products for diabetes are only PB-119 and PB-201. There is no PB-105.

(Screenshot from Parge Biology)

According to the registration of the Sano creature (the signature date of the presentation is February 3, 2021), in the Sano Biological Disclosure, the Sano Biology and Passie Biology in 2018 9 On the 6th, I signed a commissioned research contract, the contract amount is 5.3 million yuan, and the date of signing the statement has been fulfilled.

However, Parge Biosurch (Prospective Signing Day is August 27, 2021) shows that sentimental creatures are performing and have fulfilled a single amount that has been fulfilled in 5 million yuan and above technical services and raw material procurement contracts. Among them, the contract with the supplier Sano organism signed by September 2018 reached 5.3 million yuan, as of March 31, 2021, is still in performance.

The fault of Parges has not yet been in place, and the problem of the preparation of the statement is frequent, can Guotai Junan have successfully escorted? "财信" will continue to pay attention.