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Lizhu Monoclonal Antibody receives a $148 million increase in funding, accelerating the development of antibody drugs.
Published Time：
2018-12-18
On June 23, Livzon Pharmaceutical Group Co., Ltd. announced that its wholly-owned overseas subsidiary, Livzon International Limited, and YF Pharmab Limited, a subsidiary of Yunfeng Fund, plan to jointly increase capital to Livzon Biologics Limited in the form of monetary investment.
On June 23, Livzon Pharmaceutical Group Co., Ltd. announced that to promote the development and expansion of Livzon Group's biopharmaceutical business in domestic and international markets, accelerate the research and development of antibody drugs by its holding subsidiary, Zhuhai Livzon Monoclonal Antibody Biotechnology Co., Ltd., and meet its growing funding needs, Livzon International Limited, its wholly-owned overseas subsidiary, and YF Pharmab Limited, a subsidiary of Yunfeng Fund, plan to jointly increase capital to Livzon Biologics Limited in the form of monetary investment.
Livzon Group holds 100% equity in Livzon International Limited through its wholly-owned subsidiary, Livzon (Hong Kong) Co., Ltd. Livzon Biologics Limited is a company registered in the Cayman Islands. Livzon International Limited currently holds 51% of its equity and holds 100% of Livzon Monoclonal Antibody through its wholly-owned subsidiary, Livzon Biotechnology Hong Kong Co., Ltd.
On June 22, 2018, Livzon International Limited and its related controlling parties (including Livzon Group and Livzon (Hong Kong) Co., Ltd.), Livzon Biologics Limited and its wholly-owned subsidiaries (including Livzon Biotechnology Hong Kong Co., Ltd. and Livzon Monoclonal Antibody) and YF Pharmab Limited jointly signed the SHARE SUBSCRIPTION AGREEMENT.
According to the agreement, YF Pharmab Limited agreed to invest US\$50 million to subscribe for 12.5 million newly issued Class A preferred shares of Livzon Biologics Limited; Livzon International Limited agreed to invest US\$98.29932 million to subscribe for 24.57 million ordinary shares of Livzon Biologics Limited, totaling US\$148 million. At the same time, the equity structure of Livzon Monoclonal Antibody changed, with Livzon Group holding 55.13%, Health Spring holding 35.75%, and Yunfeng Fund holding 9.12% of preferred shares.
As of March 31, 2018, the investment target, Livzon Biologics Limited, had total assets of RMB 403 million, total liabilities of RMB 764 million, and net assets of -RMB 361 million. Revenue for the first three months of 2018 was RMB 0.00, and net profit was -RMB 33.03 million. 
Introduction to Livzon Biologics Limited
According to the information, in November last year, Livzon Monoclonal Antibody received the "Drug Clinical Trial Approval" (Approval No.: 2017L04883) issued by the former State Food and Drug Administration.
"Recombinant humanized anti-PD-1 monoclonal antibody for injection" underwent two years of research and development. The first clinical trial application was accepted on December 26, 2016 (Acceptance No.: CXSL1600125 Guangdong). Patents for the drug's molecular sequence and use have been applied for in China and via PCT.
The clinical trial application for "Recombinant humanized anti-PD-1 monoclonal antibody for injection" was officially submitted and accepted by the US FDA on June 29, 2017 (Acceptance No. IND133742), and officially approved by the US FDA on July 28, 2017.
"Recombinant humanized anti-PD-1 monoclonal antibody for injection" is suitable for immunotherapy of various advanced solid tumors. It can block the PD-1/PD-L1 immune checkpoint signaling pathway and promote the immune anti-tumor response of T cells; the preclinical in vivo metabolism of the drug shows a basically linear kinetic characteristic; preclinical pharmacological and toxicological studies also show that the drug has good safety and efficacy.
This capital increase to Livzon Biologics Limited by Livzon International Limited and YF Pharmab Limited, wholly-owned overseas subsidiaries of Livzon Group, is mainly to provide sufficient funds for Livzon Monoclonal Antibody's business development in clinical research and application, technological cooperation, product introduction, and scientific research team expansion in both domestic and international markets, while optimizing its capital structure, promoting the integration of capital and resources, and accelerating business progress and efficiency.
After the financing, Livzon Monoclonal Antibody obtained approximately US\$148 million, ensuring the funding needs for overseas research and development and clinical advancement. Currently, the company's overseas clinical funding needs mainly come from the US clinical project for the PD-1 monoclonal antibody. The Phase I clinical trial of the PD-1 monoclonal antibody in the US is progressing smoothly and is expected to enter Phase III this year.
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