In January 2020, the company conducted a Nasdaq follow-on offering, raising an additional $110.1m in net proceeds, to strengthen its cash position.
Revenue from the Commercial Platform increased to $188.9m, mainly driven by the Prescription Drugs business, while revenue from the Innovation Platform decreased to $16.0m, primarily due to a $13.5m fruquintinib approval milestone in 2018.
The Commercial Platform recorded an operating profit of $51.1m, while the Innovation Platform incurred an operating loss of $133.3m due to the expansion of clinical activities and related organisational growth.
The company witnessed progress on Elunate in third-line colorectal cancer (CRC) in China. Currently, Phase I development of Elunate® plus genolimzumab, a PD-1 monoclonal antibody under development by Genor, is in progress.
Simon To, Chi-Med’s Chairman, said: “We are scaling up our oncology commercial team in preparation for the potential launch of surufatinib, our first un-partnered oncology drug candidate, late this year in non-pancreatic NET2; and another two NDA3 submissions are imminent, one with savolitinib in lung cancer and a second with surufatinib in pancreatic NET, with launches anticipated for 2021. We believe that the potential launches of multiple new oncology products will address a broad range of unmet medical needs and benefit a large number of patients, propelling Chi-Med rapidly forward.”