Kintor Pharmaceuticals, releases annual report 2021, records sales revenue of RMB 34.2 million
Kintor Pharmaceutical has released its annual report for the year 2021. The Group recorded revenue from out-licensing contracts of RMB 34.2 million for the Reporting Period, which was generated from the receipt of the upfront payments in connection with the out-licensing of Pruxelutamide.
Representing an increase of 133.5%, the Group’s research and development costs were increased from RMB 328.8 million for the year ended 31 December 2020 to RMB 767.9 million for the year ended 31 December 2021.
The Group reported that they had cash and cash equivalents and time deposits of RMB1,055.2 million, including utilised bank facilities of RMB154.9 million, as at 31 December 2021.
“Since 2021, the Company has made important breakthroughs and strong development in sales revenue, R&D pipelines, production operations, business co-operations and capital markets.”Dr. Youzhi Tong Chairman of the Board, Executive Director and Chief Executive Officer.
In terms of sales revenue, the Company has achieved a breakthrough of “zero”, and recorded revenue mainly generated from the receipt of the upfront payments in connection with the out-licensing of Pruxelutamide for the indication of COVID-19.
In terms of product development, Kintor Pharma ’s diversified product pipeline is multi-pronged, comprising small molecule innovative drugs, biological innovative drugs and combination therapies. The Company are conducting clinical research on 7 new drug projects in China, the United States and other countries, as well as a number of preclinical projects
In terms of production and operation, the Company has further increased its production capacity and appointed Dr. Qun Lu as the company’s Chief Technology Officer (CTO) to accelerate the commercialisation of Pruxelutamide.
In terms of global cooperation, the Company has reached strategic cooperation with Visum Pharmaceutical Co., Ltd., Fosun Pharma, Etana, XtaIPi and Shanghai Pharmaceutical Co., Ltd., etc., and appointed Dr. Jiawen Han as the Company’s vice president of business development to further strengthen the Company’s business development capabilities.
In terms of capital market, the Company completed another capital raising in mid-2021 after its listing, and raised HK$1.16 billion to provide strong financial support for the Company’s development. In addition, the Company’s Shares have been included in the Hang Seng Composite Index and Hong Kong Stock Connect.
‘In 2021, the COVID-19 pandemic continued to be a threat to the global health. We continued to take active actions to minimise the negative impact of COVID-19 to our business and ensured our research and development plans were carried out as normal.’ company said.