InnoCare Pharma (HKEX: 09969), a biopharmaceutical company focusing on cancer and autoimmune diseases, announced its revenue more than doubled and losses narrowed, sending its stock to HK$18.84, up 4% in Hong Kong.
The company said revenue and other income reached 272.2 million yuan in 2020, representing an increase of 158% from a year ago. Net loss decreased from 2.15 billion yuan for 2019 to 464.3 million yuan for 2020.
InnoCare said the increase in revenue was primarily due to the approval of orelabrutinib for marketing. Orelabrutinib received approval from the National Medical Products Administration for the treatment of patients with r/r CLL/SLL and the treatment of patients with r/r MCL, according to the announcement.
Jasmine Cui, the co-founder, chairwoman and chief executive officer of InnoCare, stated, "During 2020, an extraordinary year filled with uncertainty, InnoCare has nonetheless achieved significant progress that builds upon the foundation created by the previous five years of rapid development. The commitment and focus of our employees, along with the support of our partners, has allowed us to reach a series of milestones during the year.”
Looking ahead, Cui said the company will continue to advance its product pipeline. InnoCared expects to have six to eight drug candidates approved for clinical trials over the next 18 months, Cui added.
Focused on lymphoma, solid tumors, and autoimmune diseases with high unmet medical needs in China and worldwide, InnoCare has branches in Beijing, Nanjing, Shanghai, Guangzhou, New Jersey, and Boston. The company was listed on the Hong Kong Stock Exchange (HKEX) on March 23, 2020.