Cancer therapy developer Immunotech Biopharm Ltd is planning an IPO of its ordinary shares on the Hong Kong Stock Exchange.
The biopharmaceutical company — whose principal management headquarters and senior management is mainly based in China — is led by Wang Yu as CEO, co-chief technology officer and executive director.
The company focuses on the development and commercialization of T cell immunotherapy, and its lead product candidate is Eal, which is under clinical development for treating liver cancer and other tumors. The drug has shown to be effective in treating various types of cancer, the company said in a regulatory filing.
Immunotech said it intends to use the net proceeds from the IPO for the ongoing clinical trial and commercialization of EAL as well as other therapies for certain types of blood cancer, such as CAR-T-19 to treat B lymphocytic leukemia and aT19 to treat acute lymphoblastic leukemia. The company also plans to use the funds for working capital and other general corporate purposes.
Immunotech said Chairman Tan Zheng is the controlling shareholder of the company and will remain so following the IPO. Meanwhile, the company's chief strategy officer, Jung Hyun Chul, will cease to remain a controlling shareholder of the company following the IPO.
Tan and Jung are also executive directors of Immunotech Biopharm.
