MingMed Biotechnology is seeking a Hong Kong listing this year to raise funds to research and market a genetically engineered alternative to Botox in China.
“Hong Kong has many good universities and research institutes, but it [does not have] a lot of innovative biotech firms,” said MingMed CEO Zhang Yan in an interview on Friday. “We aim to [turn] early-stage research discoveries at the city’s universities into commercial products.”
MingMed has raised 1.75 billion yuan (US$243.7 million) from multiple private fundraisings, Zhang said, adding that its largest institutional investor was Beijing-based Gaorong Ventures. The company filed a Hong Kong listing application in 2022, but let it lapse due to unfavourable global market conditions for biotech stocks, he said.
Last year, MingMed completed a late-stage, phase-three clinical trial on a genetically manipulated alternative to Botox, which is used to reduce wrinkles. Botox is made from a naturally occurring botulinum toxin, a protein produced by a bacterium. Genetically engineered products could lower production costs and enhance product safety, Zhang said.
