Interferon alpha-2b(Shandong Kexing Bioproducts)

在生物制药领域，安科生物的名字并不为人熟知，但它实际上是国内最具盈利能力的生物制药公司之一。安科生物发布的2023年度业绩预告显示，2023年度预计归母净利润7.8亿元-9.2亿元，同比增长10.9%-20.81%，扣非净利润7.42亿元-8.82亿元，同比增长15.57%-37.38%。这个利润水平在A股目前已公布业绩预告的生物制药公司中排在前五。与此同时，安科生物自2009年上市以来，连续14年分红，累计现金分红金额逾18.27亿元人民币，是向社会募集资金总额的1.86倍，在生物制药领域属于最“慷慨”一档的存在。然而在资本市场上，其A股股价不愠不火，常年在10元/股上下徘徊。安科生物还在积蓄力量，等待下一个爆款的出现，重新获得资本的青睐。主营业务持续发力成立于2000年的安科生物是一家以生物医药产业为主的创新药公司。从主营业务范围来看，安科生物的产品涵盖了生物制药、现代中成药、化学合成药、诊断试剂、功能性护肤品、基因检测、功能食品等，范围跨度极大。安科生物部分产品图片来源：公司官网这主要是因为安科生物在聚焦主业的同时，通过控股、参股一些高科技医药技术公司，打造了以生物药为主，其他领域产品协同发展的产品矩阵。在生物制品领域，主要拥有干扰素和生长激素两大系列产品。其中干扰素是人体分泌的一种蛋白质，具有广谱抗病毒、抗肿瘤和免疫功能，安科生物作为国产人干扰素α2b的龙头企业之一，主营产品人干扰素α2b“安达芬”具有剂型多、市场知名度高的特点，在国内重组人干扰素α2b注射剂类市场占据较高的市场份额。生长激素是由人脑垂体前叶分泌产生的一种蛋白质激素，是人出生后促进生长的主要激素。安科生物的人生长激素“安苏萌”目前在国内获批适应症多，患者依从性高，国内市场占有率逐年提升。除母公司外，子公司安科华捷围绕DNA检测领域，积极发展法医DNA检测和大健康产业业务，自主开发了全球全系列的法医DNA检测试剂盒，打破了国外技术的垄断并完成了产品和应用方面的超越。在现代中成药领域，子公司余良卿公司是国家商务部首批认定的“百年老字号”企业。主要品种为以活血止痛膏为代表的中成药外用贴膏，拥有较高的市场份额和竞争优势，此外还有蛇胆川贝液、酸枣仁合剂、风油精、清凉油等产品。在化学合成药领域，子公司安科恒益拥有富马酸丙酚替诺福韦片、阿莫西林、头孢克洛分散片、氨咖黄敏胶囊等仿制药，是安徽省内生产规模大、剂型较全的化药生产企业之一。目前在研项目主要为风险较低的一致性评价项目以及MAH项目。在多肽药物领域，子公司苏豪逸明是国内规模较大、多肽原料药批件较多的专注多肽原料药研发、生产、销售企业，是国家集采产品注射用胸腺法新和醋酸奥曲肽注射液的原料药供应企业。2023年半年报显示，安科生物母公司实现营业收入9.18亿元，同比增长29.76%，其中生长激素产品销售收入同比增长31.62%；余良卿公司、安科恒益、苏豪逸明及安科华捷等四家子公司营业收入合计3.45亿元，同比增长3.33%。从数据上看，安科生物通过多领域布局，提高了公司抗风险能力，各领域主营业务稳步增长，但其业绩增长的主要驱动力则依赖生长激素产品的持续放量。百亿生长激素市场风起生长激素主要用于治疗与生长激素缺乏有关的疾病和身材矮小症以及用于重度烧伤等治疗领域。根据Frost & Sullivan数据，2021年，中国生长激素市场规模为15亿美元，同时国内生长激素缺乏症药物治疗渗透率不到1%，相比于欧美发达国家10%以上的渗透率，存在巨大的提高空间，预计到2030年，市场规模将增长至47亿美元。国内生长激素市场规模预测来源：Frost & Sullivan按类型划分，生长激素可以分为短效生长激素（粉针、水针）和长效生长激素（水针）。短效粉针是最早上市的剂型，每天注射一次，且需要患者自行溶解，易污染、操作复杂。目前，国内短效粉针剂型上市的企业共有6家，分别是金赛药业、安科生物、科兴药业、海济生物、赛尔生物、LG化学。相较于粉针，水针在生物活性、稳定性和便捷性方面更具优势。短效水针剂型上市的企业仅有3家，分别是金赛药业、安科生物、以及诺和诺德。随着药品集中带量采购范围不断扩大，生长激素短效粉针和短效水针剂型也已纳入广东等省份联盟集采以及部分省份集采。生长激素集采让短效剂型价格大幅下降，以广东省带头的地方联盟集采为例，金赛药业和安科生物中标的粉剂价格降幅超过50%。生长激素全国集采已是大势所趋，压力之下，各大厂商都将目光转向竞争尚不充分的生长激素长效剂型。与短效剂型相比，长效生长激素注射频率为一周一次，可以大大减轻患者的痛苦，有更好的依从性。目前国内长效水针剂型获批的只有金赛药业的一款产品，全球范围内获批的药物也仅有4款。但金赛药业一家独大的市场格局可能很快被打破，多家药业的长效生长激素研发管线都已临近上市。其中安科生物的PEG化重组人生长激素注射液在2019年就已完成临床试验并报产，天境生物、维昇药业、诺和诺德和特宝生物的研发管线也已进入临床III期。此外安科生物还有一款重组人生长激素-Fc融合蛋白注射液正在开展II期临床试验，Fc融合蛋白延长了半衰期，具有半个月注射1次的可能，目前在国内外尚无同类产品上市。未来长效生长激素竞争必然陷入白热化，安科生物的长效生长激素能否突出重围，主要取决于药物上市进度、注射频次、安全性等。研发能否破局？单靠一种竞争逐渐激烈的产品显然缺乏想象空间，安科生物还需寻找新的业绩增长点。近年来，安科生物以生物医药研发为主，加快研发布局，2023年前三季度，研发费用1.53亿元，同比增长41.69%。2023年10月31日，安科生物的注射用曲妥珠单抗获批，拟定适应症为HER2阳性早期乳腺癌、HER2阳性转移性乳腺癌、HER2阳性转移性胃癌。注射用曲妥珠单抗由罗氏研发，2002年进入中国市场，2022年国内销售额超过60亿元，是仅次于贝伐珠单抗注射液的第二大抗肿瘤药。安科生物是该产品第4家获批的国产企业，此前还有复宏汉霖、海正生物和正大天晴获批。曲妥珠单抗也是安科生物在抗肿瘤领域布局的首款药物，市场存量空间大，市场竞争格局尚未形成，未来有望为业绩增长提供新的动力。在抗肿瘤领域，安科生物还有多款自主研发的创新药进入临床研究阶段：重组抗VEGF人源化单克隆抗体注射液已完成III期临床待报产，1类创新药“ZG033注射液”用于晚期复发转移和难治性实体瘤以及非霍奇金淋巴瘤正在进行I期临床试验，PD-L1/4-1BB双特异性抗体“HK010注射液”用于晚期恶性肿瘤正式启动I期临床试验。部分研发管线来源：安科生物半年报除此以外，安科生物还积极引进及对外合作。与合肥阿法纳建立战略合作关系，以“新冠奥密克戎等突变株 mRNA疫苗”研发为契机，布局mRNA药物研发和产业化。同时，还与两家创新药公司分别签署抗体和ADC药物的开发合作计划，进一步丰富研发储备和新产品布局。创新药研发需要投入的资金还时间都十分惊人，安科生物拥有生长激素及其他产品作为基本盘，经营利润稳定，可以支撑长期的研发投入，未来一旦出现爆款产品，公司的估值将得以重塑。结语近年来，在政策和资本的双轮驱动下，中国医药已经迈入创新时代，过去那种同质化竞争的模式将难以生存，专注差异化和高质量创新才能冲破行业内卷现状。安科生物作为国内最早从事基因工程药物研究的企业之一，具有生物医药创新的条件和决心，未来能够带来什么样的突破，值得持续关注。参考资料1.安科生物年报、季报。来源：官网2.《2023年安科生物研究报告：生长激素集采影响基本消化，长效水针和曲妥珠单抗添增长亮点》，信达证券，2023-10-253.《国内生长激素集采深入多地 安科生物安否？》，投资者网，2023-08-09

- CX-904 (EGFRxCD3 T-cell engager) initial Phase 1a dose escalation data anticipated in the 2nd half of 2024 - - IND application filed for conditionally activated EpCAM-directed ADC (CX-2051) with Phase 1 initiation in EpCAM positive tumors expected in the 1st half of 2024 - - IND application filed for conditionally activated interferon alpha-2b (CX-801) with Phase 1 initiation as monotherapy and in combination with PD-(L)1 anticipated in the 1st half of 2024 - - Broad pipeline progress anticipated within research and development partnerships including ongoing Phase 2 clinical trial of anti-CTLA-4 Probody® BMS-986288 - SOUTH SAN FRANCISCO, Calif., Jan. 04, 2024 (GLOBE NEWSWIRE) -- CytomX Therapeutics, Inc. (Nasdaq: CTMX), a leader in the field of conditionally activated, localized biologics, today announced its 2024 company priorities and anticipated milestones for its wholly-owned and partnered pipeline. “With INDs recently filed for wholly-owned programs, CX-2051 and CX-801, and continued progress in dose escalation with our Probody® T-Cell engager, CX-904, CytomX is well positioned as we enter 2024. Our current lead programs build on more than a decade of Probody platform experience at CytomX and integrate key design elements that leverage previously validated oncology targets, potent effector mechanisms and tailored masking strategies,” said Sean McCarthy, D.Phil., chief executive officer and chairman of CytomX Therapeutics. “We believe our multi-modality Probody therapeutic pipeline will address major unmet medical needs in the treatment of cancer. CytomX is entering a potentially milestone-rich period in 2024 and 2025 during which we aim to generate proof of concept clinical data across our lead programs that point the way to future registrational studies.” “CytomX’s multi-modality pipeline is highly relevant at this moment in time in oncology R&D. CX-904 is a potentially differentiated EGFR-CD3 T-cell engager in an ongoing Phase 1 clinical trial and, with both CX-2051 and CX-801 also expected to enter the clinic in 2024, we have a broad opportunity to make a meaningful difference in the treatment of cancer,” said Wayne Chu, M.D., chief medical officer of CytomX Therapeutics. Continued Dr. Chu, “CX-2051 is an ADC designed to truly unlock EpCAM as an anti-cancer target and we believe the topoisomerase-1 inhibitor payload may be an ideal effector mechanism for multiple EpCAM expressing tumors. CX-801 is a powerful immune-stimulating agent with potential to mitigate historical clinical limitations of cytokine therapies due to toxicity. Our vision is for CX-801 to become a cornerstone of combination regimens for a wide range of tumor types including those that have either stopped responding to, or have failed to respond to, prior immunotherapy. CytomX’s lead therapeutic candidates have the potential for significant impact and we will be working tirelessly to bring these therapies forward for the benefit of patients.” CX-904, EGFRxCD3 T-cell Engager CX-904 is a conditionally activated Probody T-cell engager designed to target the epidermal growth factor receptor (EGFR) on cancer cells and the CD3 receptor on T cells within the tumor microenvironment. CX-904 is partnered with Amgen in a global co-development alliance and is being evaluated in an ongoing Phase 1 study in patients with advanced solid tumors that have known EGFR expression. Backfilling of certain dose escalation cohorts has been initiated and dose ranging continues. Initial Phase 1a dose escalation data is anticipated in the second half of 2024. The Phase 1a data will inform a potential decision during 2024 to initiate Phase 1b expansion cohorts in specific EGFR positive tumor types. The decision to potentially initiate Phase 1b expansion cohorts will be taken in conjunction with Amgen. CX-2051, Antibody Drug Conjugate (ADC) targeting EpCAM EpCAM is a high potential oncology target that has been clinically validated by locally administered, previously approved cancer therapies. However, efforts to generate systemically administered anti-EpCAM therapeutics have, to date, not been successful due to toxicities in certain epithelial tissues, notably in the gastrointestinal tract. CX-2051, a conditionally activated ADC, is tailored to optimize the therapeutic index for EpCAM-expressing epithelial cancers. The cytotoxic payload utilized in CX-2051 is a derivative of camptothecin, a topoisomerase-1 inhibitor, a class of drug that has shown potent clinical anti-cancer activity in the ADC context for multiple targets. CX-2051 has demonstrated a wide predicted therapeutic index and strong preclinical activity and tolerability in multiple preclinical models, including colorectal cancer. An IND application has been filed for this program and clinical initiation in EpCAM expressing solid tumors is expected in the first half of 2024. CX-801, Interferon-alpha 2b (IFNα2b) Interferon-alpha 2b is an immunotherapeutic cytokine that has demonstrated clinical activity and gained regulatory approval previously in multiple cancer types, including metastatic melanoma, renal cancer and bladder cancer. IFNα2b provides a potentially superior approach to activating anti-tumor immune responses compared to other cytokines. CX-801 is a dually masked, conditionally activated version of IFNα2b that has the potential to become a cornerstone of combination therapy for a wide range of tumor types. An IND application has been filed for this program. Phase 1 initiation for CX-801 as a monotherapy and in combination with checkpoint inhibition is expected in the first half of 2024. BMS-986288, Non-fucosylated CTLA-4-targeting Probody Therapeutic Bristol Myers Squibb continues to make progress evaluating the next-generation CTLA-4 program, BMS-986288, a non-fucosylated CTLA-4 targeting Probody therapeutic. In 2023, Bristol Myers Squibb prioritized the BMS-986288 Probody® therapeutic program as its lead next-generation CTLA-4 program and advanced the program to Phase 2 clinical studies. BMS-986288 is designed to be more potent than ipilimumab (YERVOY®) and to leverage CytomX’s Probody therapeutic technology to potentially localize clinical activity to tumors while reducing systemic toxicity. The ongoing Phase 2 clinical evaluation of BMS-986288 includes proof of concept studies for microsatellite stable (MSS) colorectal cancer (CRC) and non-small cell lung cancer (NSCLC). Bristol Myers Squibb anticipates data from the study will be available in 20241. CytomX and Bristol Myers Squibb also continue to collaborate on multiple preclinical research programs. Research and Development Partnerships CytomX has multiple active research and development partnerships with major biotechnology and pharmaceutical companies (Amgen, Astellas, Bristol Myers Squibb, Moderna, Regeneron). Throughout 2023, CytomX made substantial progress across its research partnerships including the commencement of programs under its new alliances with Regeneron and Moderna. In January 2023, CytomX earned a $5 million milestone for the first T-cell engager clinical candidate nominated in the Astellas collaboration. CytomX has a consistent track record of forming new strategic research and development alliances and achieving preclinical research and clinical milestones. Partnering is expected to remain an important part of the Company’s strategy in 2024 and beyond. 2024 PRIORITIES AND KEY MILESTONES CytomX enters 2024 in a strong strategic position and with significant momentum in its pipeline. The company’s key pipeline programs are progressing towards clinical proof of concept and key milestones in 2024 including: CX-904 (EGFRxCD3): Continued enrollment into Phase 1a dose escalation. Phase 1a initial dose escalation data are expected in the second half of 2024. These data are expected to inform a potential decision, to be taken with Amgen, to initiate Phase 1b expansion cohorts in specific EGFR positive tumor types in 2024.CX-2051 (EpCAM): Initiation of Phase 1 dose escalation in solid tumors with known EpCAM expression including metastatic colorectal cancer as one priority indication is expected in the first half of 2024.CX-801 (IFNα2b): Initiation of Phase 1 dose escalation in solid tumors including melanoma, renal, and head and neck squamous cell carcinoma is expected in the first half of 2024.Next-Generation CTLA-4 Program: Continued clinical progress for BMS-986288 including proof-of-concept studies in MSS CRC and NSCLC. Bristol Myers Squibb anticipates data from the study will be available in 2024.Collaborations: Continuation of drug discovery and development activities with Bristol Myers Squibb, Amgen, Astellas, Regeneron, and Moderna with potential pre-clinical and clinical milestones possible in 2024 and and beyond.Financial: CytomX ended the third quarter of 2023 with $194 million of cash and cash equivalents. Cash runway is projected to the second half of 2025, excluding any potential milestones from existing collaborations or new business development. About CytomX TherapeuticsCytomX is a clinical-stage, oncology-focused biopharmaceutical company focused on developing novel conditionally activated biologics designed to be localized to the tumor microenvironment. By pioneering a novel pipeline of localized biologics, powered by its Probody® therapeutic platform, CytomX’s vision is to create safer, more effective therapies for the treatment of cancer. CytomX’s robust and differentiated pipeline comprises therapeutic candidates across multiple treatment modalities including antibody-drug conjugates (“ADCs”), T-cell engagers, and immune modulators such as cytokines and checkpoint inhibitors. CytomX’s clinical pipeline includes the cancer immunotherapeutic candidates CX-904 and BMS-986288. CX-904, partnered with Amgen, is a conditionally activated T-cell-engaging antibody targeting the epidermal growth factor receptor (EGFR) on tumor cells and the CD3 receptor on T cells. BMS-986288, partnered with Bristol Myers Squibb, is a conditionally activated CTLA-4-targeting antibody that is a non-fucosylated version of ipilimumab. In addition, CytomX has a diverse, emerging portfolio of wholly-owned drug candidates including CX-2051, a conditionally activated ADC directed toward epithelial cell adhesion molecule, EpCAM, with potential applicability across multiple EpCAM-expressing epithelial cancers, and CX-801, an interferon alpha-2b Probody cytokine that has broad potential applicability in traditionally immuno-oncology sensitive as well as insensitive (cold) tumors. CytomX has established strategic collaborations with multiple leaders in oncology, including Amgen, Astellas, Bristol Myers Squibb, Regeneron and Moderna. For more information about CytomX and how it is working to make conditionally activated treatments the new standard-of-care in the fight against cancer, visit www.cytomx.com and follow us on LinkedIn and Twitter. CytomX Therapeutics Forward-Looking StatementsThis press release includes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that are difficult to predict, may be beyond our control, and may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied in such statements, including those related to the future potential of partnerships or collaboration agreements. Accordingly, you should not rely on any of these forward-looking statements, including those relating to the potential benefits, safety and efficacy or progress of CytomX’s or any of its collaborative partners’ product candidates, including CX-2051, BMS-986288, CX-904, and CX-801, the potential benefits or applications of CytomX’s Probody therapeutic platform, CytomX’s or its collaborative partners’ ability to develop and advance product candidates into and successfully complete clinical trials, including the ongoing and planned clinical trials of BMS-986288 and CX-904, and the timing of the commencement of clinical trials or initial and ongoing data availability for CX-801 and CX-2051, and other development milestones. Risks and uncertainties that contribute to the uncertain nature of the forward-looking statements include: the unproven nature of CytomX’s novel Probody therapeutic technology; CytomX’s clinical trial product candidates are in the initial stages of clinical development and its other product candidates are currently in preclinical development, and the process by which preclinical and clinical development could potentially lead to an approved product is long and subject to significant risks and uncertainties, including the possibility that the results of preclinical research and early clinical trials may not be predictive of future results; the possibility that CytomX’s clinical trials will not be successful; the possibility that current preclinical research may not result in additional product candidates; CytomX’s dependence on the success of BMS-986288, CX-904, CX-801, and CX-2051; CytomX’s reliance on third parties for the manufacture of the Company’s product candidates; possible regulatory developments in the United States and foreign countries; and the risk that we may incur higher costs than expected for research and development or unexpected costs and expenses. Additional applicable risks and uncertainties include those relating to our preclinical research and development, clinical development, and other risks identified under the heading "Risk Factors" included in CytomX’s Quarterly Report on Form 10-Q filed with the SEC on November 7, 2023. The forward-looking statements contained in this press release are based on information currently available to CytomX and speak only as of the date on which they are made. CytomX does not undertake and specifically disclaims any obligation to update any forward-looking statements, whether as a result of any new information, future events, changed circumstances or otherwise. Probody is a U.S. registered trademark of CytomX Therapeutics, Inc. Investor Contact:Chris OgdenSVP, Finance and Accountingcogden@cytomx.comDirect: (317) 767-4764 Investor and Media Contact:Stern Investor RelationsStephanie Ascherstephanie.ascher@sternir.com212-362-1200 _____________________________ 1 Bristol Myers Squibb 2023 R&D Day, September 14, 2023