Perillyl alcohol

BFC Group简介BFC Group是一家立足于中国的精品投行，专注于医疗健康领域的并购、专利许可、融资。我们的业务板块涉及中国、美国和欧洲，曾与国内外众多领先的医疗健康公司有过合作并保持着良好的关系。随着在美国和中国一线运营经验的不断积累，我们对客户在本土之外建立公司或扩展业务所面临的挑战有着深刻的理解。立于塔顶，高瞻之见。使命愿景紧跟医疗健康领域趋势，通过合作推动科学突破与创新。依客户需求制定战略拓展计划，并在目标市场全方位落实与执行。成为专注医疗健康行业最优秀的投资银行。No.1香港资本市场香港股市总体概览上周，港股小幅走低，恒生指数累计下跌1.1%。此次回调可能一方面，前期热门板块资金过于集中，当前出现了部分兑现收益的情绪；另一方面，随着年报和一季报披露期临近，市场对部分公司业绩存在一定担忧。此外，外围方面，特朗普宣布将于4月2日实施广泛的对等关税，并对特定行业加征额外关税，这可能加剧全球市场的不确定性。2025年至今，恒生指数累计上涨16.8%。上周，恒生医疗保健指数(HSHCI)表现领先大盘，累计上涨3.4%，消息面上，近期多家港股创新药企发布财报，2024年业绩集体爆发。康诺亚-B周涨17.8%。3月24日， 康诺亚发布2024年业绩报告，公司收入为人民币4.28亿元，同比增长21%；毛利为人民币4.16亿元，同比增长31%，亏损扩至5.15亿元，同比扩大43.4%。过去一年，康诺亚实现重要突破，康悦达®（司普奇拜单抗，国内首个自主研发、全球唯二获批上市的IL-4Rα抗体药物）成人中重度特应性皮炎、慢性鼻窦炎伴鼻息肉（国内首个）、季节性过敏性鼻炎（全球唯一）三项适应症获批上市，截止2024年底，3个半月内实现销售收入人民币约4,000万元。亚盛医药-B周涨16.5%。3月27日，公司公布2024年全年业绩。报告期内，亚盛医药实现收入9.81亿元人民币，同比增长342%；核心产品耐立克实现销售收入人民币2.41亿元，同比增长52%。并且公司现金流持续获得改善，保持稳健充沛。截至2024年12月末，公司货币资金余额为12.61亿元，同比增长15.3%。2025年至今，医药板块领先大盘，恒生医疗保健指数累计上涨25.8%，高于恒生指数9.0个百分点。香港股市医疗健康板块概览2025年2月恒生医疗保健指数上涨16.1%。上周市值前20个股大多上涨。三生制药周涨19%。3月25日公司发布2024年业绩，2024年取得收入91.08亿元，同比增加16.5%；净利润20.90亿元，同比增加34.9%。信达生物周涨13.8%。3月26日公司公布2024年年报。当期，公司营收94.22亿元，同比增长51.8%；年内亏损由上一年的10.28亿元降至9463.1万元，同比缩窄90.8%。同期，公司年内Non-IFRS（非国际财务报告准则）利润、Non-IFRS EBITDA（税息折旧及摊销前利润）分别为3.32亿元、4.12亿元，双双首次转正。香港股市医疗健康板块证券发行2024年共计有12家企业上市(其中3家为依照18A新规上市的未盈利生物医药公司)，共募集金额54.0亿港元。2025年截至目前，共有2家企业上市(其中1家为依照18A新规上市的未盈利生物医药公司)，数量与去年同期持平，金额总数上领先去年同期70.5%。上周无新增IPO。2024年共计19家企业完成定增，共募资金额80.9亿港元。2025年至今，共有6家企业完成定增，目前数量领先去年同期20%，金额总数上领先去年同期161.7%。上周无新增定增。香港股市医疗健康板块IPO动态港股医疗板块拟上市企业No.2沪深资本市场沪深股市总体股市概览本周，上证指数下跌0.4%，沪深300与上周持平。证监会修改《证券发行与承销管理办法》，增加银行理财产品、保险资产管理产品作为IPO优先配售对象，明确由证券交易所制定IPO分类配售具体规定，禁止参与IPO战略配售的投资者在承诺的限售期内出借股份。沪深交易所同步修订发行承销业务实施细则。截至目前，2025年上证综指与年初持平，沪深300下跌0.5%。上周，上证医药上涨2.3%，医药中信指数上涨1.0%。3月26日晚，上海莱士公告称，公司拟以42亿元收购南岳生物制药有限公司100%股权，后者是湖南省唯一拥有GMP证照的血液制品生产企业，其生产基地的设计产能达500吨、目前旗下在运营的单采血浆站共9家，2024年采浆量达278吨。本次交易基础对价对应标的公司100%股权作价42亿元；根据公司与标的公司实际控制人协商一致，若2025年度标的公司采浆量达到305吨，则公司应另付或有对价5000万元。2025年，A股医药板块回暖。上证医药上涨5.8%，领先上证综指55.8个百分点。医药中信指数上涨3.5%，领先沪深300指数4.0个百分点。沪深股市医疗健康板块概览2023年医药中信指数下跌6.77%。继2025年1月下跌3.8%后，2月回升5.0%。上周市值前20个股多数上涨。恒瑞医药上周上涨8.02%。消息面上，3月25日，恒瑞医药宣布与默沙东（MSD）就其脂蛋白(a)[Lp(a)]口服小分子项目（包括名为HRS-5346的先导化合物）达成独家许可协议。根据协议条款，恒瑞医药将HRS-5346在大中华区以外的全球范围内开发、生产和商业化的独家权利有偿许可给默沙东。恒瑞医药将收取2亿美元的首付款，并有资格获得不超过17.7亿美元的与特定的开发、监管和商业化相关的里程碑付款，以及如果相关产品获批上市，基于HRS-5346的净销售额的销售提成。沪深股市医疗健康板块概览上周，创新药指数上涨2.5%，医疗器械指数上涨0.5%。3月27日，华东医药发布公告称，该公司1类新药HDM3019获批临床，拟开发治疗类风湿关节炎。HDM3019（IMB-101）是靶向OX40L和TNFα的双特异性抗体。华东医药于2024年8月与IMBiologics达成独家许可协议，获得两款自身免疫性疾病新药在中国等37个亚洲国家的权益，其中就包括了这款IMB-101。该项合作的总金额超3亿美元。HDM3019已在美国完成1a期研究，该研究采用随机、双盲、安慰剂对照设计，结果显示，HDM3019单次给药在健康受试者中展现出良好的安全性和耐受性。沪深股市医疗健康板块新股发行2024年，共4家企业申报IPO。总体数量同比减少71.4%。共募集资金2.47亿元人民币，总体金额同比减少87.7%。上周无新增IPO。2024年，有7家企业发行定增，总体数量同比减少65%。累计定增金额4.95亿元人民币，总体金额同比减少67.6%。上周无新增定增。沪深股市医疗健康板块IPO动态沪深股市医疗板块IPO排队企业情况No.3NASDAQ美国股市总体股市概览受关税政策不确定性影响，美国3月密歇根大学消费者调查显示短期通胀预期跃升至4.9%，长期通胀预期创1993年以来新高，消费者信心指数则跌至两年多最低水平。市场避险情绪升温导致美股遭遇"黑色星期五"，纳斯达克指数重挫2.7%领跌三大股指，仅公用事业板块逆势收涨。上周美股三大指数均大幅收跌，纳指周内累跌2.6%；标普500指数周内累跌1.5%；道指周内累跌1%。大型科技股普跌。2025年截至目前，纳指累计下跌10.3%。上周纳斯达克生物技术指数 (NBI）随大盘下跌2.6%。3月28日，蓝鸟生物(NASDAQ: BLUE)宣布确认收到Ayrmid主动提出的非约束性收购要约，报价为每股4.5美元现金+6.84美元里程碑付款，较此前2月21日与凯雷、SK资本达成的每股3美元+同等里程碑付款的私有化协议溢价50%。值得注意的是，蓝鸟在早前战略评估中曾与Ayrmid接触，但Ayrmid当时未提交正式报价。此次新收购要约仍需满足尽职调查等先决条件。公司董事会正协同法律财务顾问评估该要约，目前仍维持对原合并协议的支持建议，市场预期或将引发竞购战。2024年截至目前，NBI累涨0.4%，反超纳指10.7个百分点。美国股市医疗健康板块概览2025年开年至今，纳斯达克生物技术指数 (NBI)表现稳定，2月总体微调0.3%。上周NBI指数维稳，指数成分公司股价涨跌互现。首个TCR-T细胞疗法afami-cel的拥有者Adaptimmue (NASDAQ: ADAP)宣布即将发布2024年年报，并公布了2024年8月初afami-cel获批上市以来的销售情况，2024年全年3个病人，2025年一季度10个病人。公司宣布已经在今年一季度裁员了29%，受到消息影响，公司股价随即暴跌近40%，市值7千万美元左右。美国股市医疗健康板块新股发行2024年全年NGS&NGM医疗健康板块累计有30支新股发行，累计募资超55.13亿美金。2025年截至目前，NGS&NGM医疗健康板块共有11支新股发行，累计募资10.276亿美元，相较去年同期数量上持平，金额下降67.6%。上周Nasdaq GM板块新增一起IPO，来自开发鼻内和口服脑癌疗法的生物技术公司NeOnc Technologies Holdings。公司以19.75美元的发行价募集超4200万美金。NeOnc的首个候选药物NEO100是一种纯化形式的紫苏酸，通过鼻内给药给脑癌患者给药，目前正在复发性恶性神经胶质瘤患者中进行2a期试验，以及在恶性颅骨脑膜瘤患者中进行类似的2a期试验。第二个候选药物NEO212是一种共价结合分子，将化疗药物替莫唑胺与紫苏醇结合，已于2023年第四季度启动1/2期试验，作为原发性和继发性脑肿瘤患者的口服疗法。2024年共有322家企业完成定增，累计募集资金约293.8亿美元。2025年截至目前共有81家企业完成定增，总体数量上比去年同期下降28.9%，金额较去年同期下降77.5%。上周共有2起新增定增。其中募资金额最高的是Humacyte - 一家致力于开发颠覆性生物技术平台的创新医疗器械公司，拥有全球领先的人类脱细胞血管（Human Acellular Vessels™，HAV）技术。公司此次以2美元每股的价格募集了5000万美元。医疗健康板块IPO动态No.4近期融资事件

Whether a brain cancer drug enters the body through a needle in the arm or swallowed by mouth, the blood-brain barrier stands as a formidable last obstacle on the therapy’s journey to its destination. NeOnc Technologies navigates around this protective barrier using drugs inhaled through the nose. With a lead program in mid-stage clinical testing, NeOnc is now preparing to take itself public. Though some recent signs point to improving IPO conditions, the IPO window has been mostly closed to biotech companies the past two years, which NeOnc knows firsthand. After laying groundwork for a traditional IPO earlier this year, the Westlake Village, California-based firm withdrew its registration statement amid lukewarm investor interest. NeOnc is changing course. Just as its drug takes an alternate path to the brain, the company is pursuing an alternate way of going public: a direct listing. Executives say they expect to file new securities paperwork this month. NeOnc is seeking investor buy-in for its novel approach to treating aggressive brain cancers, such as glioblastoma. The standard of care includes surgery, chemotherapy, and radiation. If the cancer advances, the standard drug treatment is temozolomide, brand name Temodar, a Merck chemotherapy in oral and injectable formulations that was initially approved in 1999. According to NeOnc CEO Thomas Chen, a neurosurgeon and professor of neurological surgery at the University of Southern California’s Keck School of Medicine, the challenge for the Merck drug is getting enough of it through the blood-brain barrier to reach tumors. presented by Health Tech What’s Keeping Healthcare CIOs Up at Night: How to Improve Patient Satisfaction by Handling Calls More Efficiently Health systems have spent billions on portals while investments in modernizing the voice channel — the dominant preference of healthcare consumers — have taken a backseat. By Stephanie Baum There’s precedent for intranasal drug delivery to hit central nervous system targets. Some migraine drugs work this way. NeOnc’s drug, NEO100, leverages cranial nerves in the brain, Chen said. While these nerves play a role in our senses, including smell and taste, they can also transport drugs across the blood brain barrier. “We want our drug to get to the target, but instead of trying to open up or break through the blood-brain barrier, we’re trying to bypass it,” Chen said. The Idea for Intranasal Drug Delivery to the Brain The active pharmaceutical ingredient in NEO100 is perillyl alcohol (POH), a naturally occurring compound isolated from essential oils of certain plants. While POH is an ingredient in common consumer items such as cosmetics and cleaning products, lab tests have also shown it interferes with the replication of dividing cancer cells, Chen said. However, academic research testing oral POH found not enough of the compound reached the bloodstream to confer a therapeutic effect. Increasing the dose led to intolerable gastrointestinal side effects. sponsored content 5 Health Reasons to Ditch Concrete Jungles for Countryside In an increasingly urbanized world, the allure of countryside living is growing stronger, especially when it comes to health and well-being. By Impact Brands Chen said the idea for delivering POH through the nose came from a NeOnc co-founder, a neurosurgeon who had success testing intranasal delivery of the compound in Brazil. NeOnc’s intellectual property is technology licensed from USC that enables the company to make ultra-pure, pharmaceutical-grade POH. The drug is administered with a commercially available nebulizer. In NeOnc’s Phase 1 dose-escalation study testing NEO100 in 12 glioblastoma patients, published results showed the drug was safe and well tolerated. This trial was not powered to demonstrate efficacy, but Chen noted three patients lived more than three years and one is still alive. For context, glioblastoma patients whose disease has returned after one or more rounds of standard treatment live an average of six months. A genomic analysis of tumors found better responses in those with a specific genetic signature, a mutation to IDH1 enzymes. IDH1 has validation with the recent FDA approval of the first systemic brain cancer therapy for that target, a pill from Servier Pharmaceuticals. NeOnc’s ongoing Phase 2a test is recruiting patients with IDH1 mutations. When NeOnc set preliminary IPO terms this past winter, it aimed to raise about $75 million. NeOnc’s largest shareholder is AFH, a biotech-focused family office. Amir Heshmatpour, managing director of AFH and executive chairman of NeOnc’s board of directors, said institutional investors did not warm to NeOnc, telling him they prefer companies be in late-stage testing or at least have Phase 2 data. “Institutional investors have pulled back in the last five years,” Heshmatpour said. “They want you to de-risk the lead asset as fast as possible with as little money as possible.” A Rare Path to the Public Markets NeOnc withdrew its registration statement in June, then raised $18.5 million, a combination of equity financing and the conversion of debt into equity. The company also stated its intention to go public via a direct listing. Whereas an IPO raises new capital by issuing new shares sold to the public, a direct listing involves no new shares and raises no new money, said Taylor Wirth, a partner at Barnes & Thornburg who specializes in securities transactions. Instead, company insiders sell their shares to the public without involving underwriters, explained Wirth, who has no connection to NeOnc. With no new shares offered, existing shareholders experience no dilution. Going public this way is also cheaper than an IPO because a company avoids paying underwriting fees. Music-streaming company Spotify, which went public in 2018, might be the most prominent direct listing example. The direct listing trend peaked in 2021, when six U.S. companies went public this way, according to PitchBook. From 2018 to mid-2023, the most recent figures available from PitchBook, 14 U.S. companies went public via a direct listing — none in the life sciences. There’s been at least one biotech direct listing this year. FibroBiologics, a regenerative medicine company in early-stage clinical development, completed its direct listing in January. Direct listings are particularly rare for biotech, Wirth said. One reason is that drug development is R&D intensive and companies in this sector need substantial sums of new money to finance that work. The benefits of a direct listing are clearer for well-capitalized companies that do not need extra cash, Wirth said. “I think the original thinking around the direct listing is you could cut out the middle man, cut out the underwriter, and democratize the process of going public,” he said. “But people found services of underwriters are extremely helpful marketing shares, placing them with investors. Going public is a complex legal and business process. Underwriters are helpful navigating those waters.” The biotech IPO market is showing new signs of life. BioAge Labs, a metabolic diseases-focused company collaborating with Eli Lilly, filed its registration statement last week. Two clinical-stage developers of bispecific antibody drugs, Zenas Biopharma and Bicara Therapeutics, have each set financial terms for IPOs expected to price this week. If NeOnc is able to join those companies on the public markets, it aims to continue work on other programs that use NEO100 as a way to deliver other therapies into the brain. NEO212 is comprised of NEO100 conjugated to Merck’s glioblastoma drug. The company also has preclinical research testing NEO100 as a way to deliver the Parkinson’s disease drug levadopa to the brain. But NeOnc’s near-term focus is glioblastoma. Chen expects the Phase 2a test of NEO100 will reach its targeted enrollment of 25 patients by the end of 2024; preliminary data could come in mid-2025. Image: Jolygon, Getty Images