盟科藥業科創板首秀大漲超40%,尚未產生收入
盟科藥業(688373.SH)今日正式登陸科創板,本次發行價格為8.16元/股,今日高開59%,截至發稿報11.69元/股,較發行價上漲43.26%,最新市值76.59億元。

盟科藥業是一家聚焦治療感染性疾病的醫藥公司,由於公司產品均處於研發階段,尚未產生收入。2019年-2021年,公司營收分別為0元、0元和766萬元,對應的淨利潤分別為-1.15億元、-8632萬元和-2.26億元。

主要財務指標,招股書
盟科藥業的產品管線主要聚焦於治療耐藥革蘭陽性和革蘭陰性菌感染。
截至目前,公司的商業化產品及臨牀階段候選藥物共3款,其中康替唑胺已於中國進入商業化階段,同時已完成美國II期臨牀試驗;MRX-4已完成美國II期臨牀試驗及中國I期臨牀試驗,且已啟動MRX-4序貫康替唑胺全球多中心III期臨牀試驗;MRX-8正進行美國I期臨牀試驗,並已取得中國藥物臨牀試驗批准通知書。

公司產品管線情況,招股書
其中,康替唑胺為新一代治療多重耐藥革蘭陽性菌感染的抗菌藥,與利奈唑胺均屬於噁唑烷酮類藥物。截至報吿期末,中國已有16家藥企的利奈唑胺仿製藥獲批上市,並有21家藥企的噁唑烷酮類仿製藥正處於臨牀研發階段。
相較於已上市的多重耐藥革蘭陽性菌抗菌藥物,康替唑胺對藥物敏感和多重耐藥的革蘭陽性菌均有出色的抗菌活性,且具有安全性好、與藥物相互作用相關的不良反應少、體內分佈廣、可口服、誘導耐藥風險低、潛在適應症廣等臨牀優勢。
然而,大量同類藥物的仿製藥上市,或將影響新一代藥物的定價體系,導致公司產品被迫壓低銷售價格,無法獲得預期的商業化效果。
綜合考慮公司臨牀階段的產品情況,公司未來3年僅有康替唑胺在中國處於商業化階段,其餘產品均處於臨牀前或臨牀研究階段,距離產品研發成功並獲批上市尚需一定時間,公司存在單一產品、單一市場依賴的風險。
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