Beijing - InnoCare Pharma (HKEX: 09969), a leading biopharmaceutical company focusing on cancer and autoimmune diseases, announced 2022 mid-year results which ended on June 30, 2022.

Dr. Jasmine Cui, Co-founder, Chairwoman and CEO of InnoCare said: 'The announcement of 2022 mid-year results coincides with our seventh anniversary. In the challenging macro environment, we continue to make more achievements despite all the difficulties, and make breakthroughs in various fields in the first half of 2022: sharp revenue growth with orelabrutinib's inclusion in China's National Reimbursement Drug List (NRDL); the first prescription of tafasitamab in combination with lenalidomide in Boao Hope City and launch of registrational trial in mainland China; accelerating the pace of innovation and clinical development with 11 drug candidates entering clinical trials in a bid to meet the unmet clinical needs; advancing our international collaboration projects with Biogen and Incyte smoothly... '

Financial Highlights

The revenue increased by 142% year-on-year from 102 million[1] for the six months ended 30 June 2021 to 246 million for the six months ended 30 June 2022, due to the increase of sales of orelabrutinib by 115% from 101 million to 217 million year-on-year after its inclusion in China's NDRL.

The research and development expenses increased from 185 million for the six months ended 30 June 2021 to 274 million for the six months ended 30 June 2022, mainly due to more drug candidates entering clinical trials and more ongoing phase III trials.

The loss for the period excluding the impact of foreign exchange increased from 233 million for six months ended 30 June 2021 to 286 million for the six months ended 30 June 2022. The unrealized foreign exchange loss[2] in the first half was 160 million.

The cash and cash equivalents[3] slightly decreased from 6,550 million by the end of 2021 to 6,519 million for the six months ended 30 June 2022.

By now, InnoCare has built a robust pipeline, with orelabrutinib and tafasitamab at the commercial stage, 11 clinical stage assets and five other IND enabling stage candidates. Over 30 clinical trials are ongoing in China and globally.

Forward-looking Statement

This report contains the disclosure of some forward-looking statements. Except for statements of facts, all other statements can be regarded as forward-looking statements, that is, about our or our management's intentions, plans, beliefs, or expectations that will or may occur in the future. Such statements are assumptions and estimates made by our management based on its experience and knowledge of historical trends, current conditions, expected future development and other related factors. This forward-looking statement does not guarantee future performance, and actual results, development and business decisions may not match the expectations of the forward-looking statement. Our forward-looking statements are also subject to a large number of risks and uncertainties, which may affect our short-term and long-term performance.

About InnoCare

InnoCare is a commercial stage biopharmaceutical company committed to discovering, developing, and commercializing first-in-class and/or best-in-class drugs for the treatment of cancer and autoimmune diseases. We strategically focus on lymphoma, solid tumors, and autoimmune diseases with high unmet medical needs in China and worldwide. InnoCare has branches in Beijing, Nanjing, Shanghai, Guangzhou, Hong Kong and United States.

Contact:

InnoCare Pharma Limited

Building 8, No. 8 Life Science Park Road

Zhongguancun Life Science Park

Changping District

Beijing, China

Tel: +86 10 6660 9999

Fax: +86 10 6070 2992

EMAIL: IR@innocarepharma.com

(C) 2022 Electronic News Publishing, source ENP Newswire