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BIO Asia: Sinorda aims to go public in 2 years; to close A round financing in H1

Sinorda Biomedicine Ltd. aims to go public in 2020 or 2021, Chairman Hu Pingsheng told S&P Global Market Intelligence on the sidelines of the 2019 BIO Asia International conference in Tokyo.

Hu said the company is in talks with investment banks and will prioritize listing in Hong Kong and on the new Shanghai trading board.

The Hong Kong stock exchange in April last year eased listing rules to enable pre-revenue biotech companies go public. The Shanghai Stock Exchange will follow suit in a bid to attract biotech startups with similar relaxed rules.

Hangzhou-based Sinorda has more than five drugs under clinical study, according to Hu. The company completed a phase 1 study in Europe for one of its main products for gastric acid-related diseases, X842. Sinorda expects to finish a phase 1 for the drug in China soon, and a phase 2 study in 2020.

Sinorda is also in talks to in-license anti-inflammatory drugs.

Further, Hu said the company plans to complete an A round financing of about US$200 million to US$300 million in April or May, and will start a new round of financing by the end of 2019.