HK Movers | Drugmaker GenFleet Therapeutics Surges 96% in Hong Kong Grey Market
Chinese biopharmaceutical company GenFleet Therapeutics surged 96% in Hong Kong grey market.
GenFleet Therapeutics focuses on developing novel treatment options in the fields of oncology, covering different lines of treatments of multiple solid tumors, as well as autoimmune and inflammatory diseases.
The firm said it had established a product pipeline consisting of eight product candidates with five under clinical development.
The drugmaker will allocate 71 percent and 19 percent of the net proceeds to fund further development of its two core products and other product candidates, respectively, while 10 percent will be used for working capital and other general corporate purposes.
Last year, the company's net loss expanded 33.3 percent yearly to HK$677.6 million, while its revenue rose 42 percent to HK$104.7 million.
The firm will be listed on Friday.
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