Capital Watch
I-Mab Biopharma
NASDAQ: IMAB
Company Profile
Sector: Biopharmaceuticals
Industry: Healthcare
Sub-Industry: Immunotherapy
I-Mab is a clinical-stage biopharmaceutical company committed to the discovery, development and commercialization of first-in-class or best-in-class biologics to treat diseases with significant unmet medical needs, particularly cancers and autoimmune disorders.
I-Mab aims to capture the opportunities presented by the confluence of two major developments—the emergence of an attractive and growing biologics market in China, and the revolutionary scientific breakthroughs in cancer and autoimmune disease medicines.
The company is well-positioned to become a biotech leader in China because of its innovative discovery expertise, fit-for-purpose technology platforms, biomarker-enabled translational medicine capabilities, and clinical development capabilities
As of October 2019, I-Mab had a pipeline of more than 10 clinical and pre-clinical stage assets through its internal research and development efforts and in-licensing arrangements with global pharmaceutical and biotech companies.
The company’s mission is to bring transformational medicines to patients through innovation.To achieve this mission and capitalize on the commercial opportunities, I-Mab has operated through a business model based on two pillars: a fast-to-market China strategy and a fast-to-PoC (proof of concept) global strategy.
For 2018, I-Mab reported revenue of $7.8 million, a fivefold increase from 2017. Net losses that year widened 35% to $58.7 million, according to the report. In the six months through June 2019, I-Mab said revenue was $2.2 million, down 30% year-over-year. Net loss was $124.9 million in the half-year. As of June 30, I-Mab had cash and cash equivalents of $184.9 million, the prospectus stated.
China's biologics market is expected to reach $189.4 billion in sales by 2030, I-Mab said, citing research by Frost & Sullivan. That growth rate is reportedly faster than that of the global biologics market.
To date, I-Mab’s research and development capabilities encompass discovery, biologics CMC development, pre-clinical development and clinical development with footprints in Shanghai, Beijing and the United States.
Corporate Information
Address:
Suite 802, West Tower,
OmniVision, 88 Shangke Road,
Pudong District Shanghai
Phone: +86 21-6057-8000
Email: PR@I-Mabbiopharma.com
Key Executives
Dr. Jingwu Zhang Zang, M.D., Founder, Honorary Chairman and Director
Prior to founding I-Mab, Dr. Zang served as the chief scientific officer and president of Simcere Pharmaceutical Group and Bioscikin Co. Ltd. from September 2013 to April 2016. Dr. Zang held senior management positions at GlaxoSmithKline (GSK), as the global senior vice president and head of GSK’s Research and Development in China from April 2007 to June 2013. Dr. Zang received his M.D. from Shanghai Second Medical University (now part of Shanghai Jiaotong University) in 1984, and his Ph.D. in neuroimmunology from the University of Brussels in 1990. Dr. Zang conducted his post-doctoral work at Harvard Medical School in 1992 and obtained his U.S. medical license from the Texas Medical Board through a clinical residency at Baylor College of Medicine in Houston.
Dr. Huaqiong Shen (Joan), M.D., Director and Chief Executive Officer
Prior to joining I-Mab, Dr. Shen served as the vice president and development head of Janssen Pharmaceutical Companies of Johnson & Johnson from September 2015 to September 2017. Dr. Shen was the chief medical officer and vice president at Jiangsu Hengrui Medicine Co. Ltd. from May 2013 to August 2015. Dr. Shen served as the head of the China clinical department and a senior director at Pfizer (China) Research and Development Co., Ltd. from August 2011 to May 2013. Dr. Shen received her M.D. from Southeast University Medical College in 1983, master’s degree in anatomy from West China University of Medical Sciences, currently Sichuan University School of Medicine in 1989, and her Ph.D. in anatomy/neuroscience from the Indiana University School of Medicine in 1996.
Dr. Zheru Zhang, Director and President
Prior to joining I-Mab, Dr. Zhang served as the president at Tasgen Bio-tech (Tianjin) Co. Ltd. from November 2015 to April 2017, and as the chief executive officer at Shanghai JMT-Bio Co. Ltd. from October 2012 to October 2015. Dr. Zhang received his master’s degree in chemistry from Suzhou University in 1991, and his Ph.D. in chemistry from University of Alberta in Canada in 2000.
Investor FAQs
1. When was I-Mab established?
I-Mab commenced its commercial operations in November 2014, when its predecessor Third Venture Biopharma (Nanjing) Co. Ltd. was established.
2. When does I-Mab's fiscal year end?
I-Mab's fiscal year ends on December 31.
3. On which exchange is I-Mab's stock traded and what is the ticker symbol?
I-Mab's American Depositary Shares (ADSs) will be listed on the Nasdaq Global Select Market under the symbol "IMAB."
4. How many I-Mab's ordinary shares does one American depositary share ("ADS") of the company represent?
Each ADS represents ____ of its Class B ordinary shares.
5. How can I obtain a copy of I-Mab's Annual Report?
Annual reports are available via this website. All SEC documents are also accessible online through the SEC Filings page.
6. Who is I-Mab's U.S. legal counsel?
Skadden, Arps, Slate, Meagher & Flom LLP
7. What is I-Mab's depositary bank for ADSs?
Depositary Bank is _____________________
8. Who are I-Mab’s underwriters?
Jefferies LLC and China International Capital Corp. Hong Kong Securities Ltd. are acting as the book-running managers of I-Mab's offering and as the representatives of the underwriters. Also securing the deal are China Renaissance Securities (Hong Kong) Ltd. and Huatai Securities (USA) Inc.
9. How does I-Mab intend to use its proceeds from the IPO?
The company intends to use the net proceeds from this offering for (i) research and development of the company’s existing and future drug candidates, including funding the ongoing two registrational trials, as well as a planned exploratory trial in SLE, for TJ202; (ii) potential investments in the establishment of I-Mab’s own manufacturing capacities and building research facilities in the United States, and (iii) general corporate purposes.
Key Eexcutives
Mr. Jielun Zhu, Director and Chief Financial Officer
Mr. Jielun has served as I-Mab’s chief financial officer since August 2018 and as its director since July 2019. Prior to joining I-Mab, Mr. Zhu held positions as a managing director and the head of healthcare investment banking, Asia, at Jefferies Hong Kong Ltd. from December 2015 to July 2018, advising biotechnology and healthcare clients globally on initial public offerings, mergers and acquisitions and other strategic transacitions. Mr. Zhu received his bachelor’s degree of arts with honors in mathematics-economics from Wesleyan University in May 2000 and master’s degree in business administration from the Harvard Business School with Distinction in June 2007. Mr. Zhu was awarded the Chartered Financial Analyst (CFA) charter by the CFA Institute in January 2012. 
IR Contacts
In China:
Chris Fang
Investor Relations
Email: IR@I-Mabbiopharma.com
In the United States:
Selina Cheng, CFA
Head of Investor Relations
Email: selina.cheng@capitalwatch.com