Suzhou Basecare Medical, a Chinese researcher and developer of products used for the clinical field of reproductive health, has filed an application proof to list on the Stock Exchange of Hong Kong.
Want to share your news with your industry? Get your article ranked for $10.
Top 1000 Companies Ranked by Revenue – in Multiple Sectors / Countries. Only $99
The initial public offering (IPO) process is still in the early stages and no further information is available at the moment.
Citing data in the prospectus, Basecare said it is an “unrivalled leading innovative platform of genetic testing solutions for assisted reproduction in China”.
The company’s PGT-A kit screens for aneuploidy, a chromosomal disorder frequently associated with implantation failure in in vitro fertilisation (IVF) in embryos prior to implantation.
It is billed as first and only third-generation IVF genetic test kit which has been approved by the National Medical Products Administration (NMPA) of China.
Basecare is currently developing two other pre-implantation products, which, together with the existing device, would form a complete lineup.
The company said it expects to obtain NMPA registration approval for these two tests in 2022 and 2024, respectively.
It added this would” further our dominance in the third-generation IVF genetic test kit market in China, well ahead of potential competition”.
Basecare, which is backed by the likes of Hillhouse Capital and OrbiMed, has specified business strategies for growth.
These include continuing to capture and bolster sales channels and customers base; rapidly commercialising its portfolio to occupy the full reproductive cycle; and developing next-generation automated and intelligent hardware.
It has incurred significant expenses related to ongoing operations since inception; net losses totalled CNY 224.60 million (USD 33.18 million) and CNY 808.10 million for the 12 months ended 31st December 2020 and H1 2020, respectively.
Zephyr, the M&A database published by Bureau van Dijk, shows 130 IPOs targeting the pharmaceuticals, biotechnology and life sciences sectors have been announced in 2020 to date.
Listing hopefuls range from SciClone Pharmaceuticals and Grail to JW Cayman Therapeutics and Beijing Shenogen Pharma.
© Zephus Ltd