Rongchang Biotech (09995) rose more than 4%. As of press release, it rose 4.76% to HK$29.7, with a turnover of HK$126.792 million.
The Zhitong Finance App learned that Rongchang Biotech (09995) rose by more than 4%. As of press release, it had risen 4.76% to HK$29.7, with a turnover of HK$126.792 million.
According to news, at the end of March, Rongchang Biotech announced a fixed increase plan. It plans to raise up to 2.55 billion yuan, all of which will be used for “new drug research and development projects.” The company also announced its 2023 results; the company's revenue increased by 1,083 million yuan year on year, up 40.26% year on year; net loss was 1,511 billion yuan, up 512 million yuan year on year.
CITIC Construction Investment pointed out that in 2024, the company has many catalysts, and overseas SLE3 clinical phase I data of Taitacipu is expected to be read. At the same time, overseas back-line UC indications for verdicitumab are expected to be completed and submitted for marketing.
The bank pointed out that as the company's commercialization team matures, the company's two core products will see significant increases in sales and cost control. Sales of both products are expected to increase by more than 50% year-on-year in 2024, and subsequent commercialization can be expected. At the same time, as the company plans to raise no more than 2.55 billion yuan in capital from specific targets, the company's overall financial structure is expected to be optimized, and research and development of new drugs under development is expected to be promoted.