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New Funds Extend Chi-Med’s Runway But HK Listing Still Planned

Launches, Pipeline Progress Seen Adding Value

 
• By Ian Haydock

Chi-Med opted to raise modest funds in the US to extend its cash runway ahead of a ‘big year’ but still intends to pursue a larger Hong Kong listing at an appropriate time, its CEO tells Scrip.

Hong Kong
Hong Kong-Based Chi-Med Raises Interim Funds • Source: Shutterstock

Hutchison China MediTech Ltd. (Chi-Med) has just raised around $110m in gross proceeds in an underwritten public offering on the Nasdaq Global Select Market in the US, which it intends to use primarily to fund its ongoing research and clinical development efforts and expand its commercialization capabilities.

The Hong Kong-based biopharmaceutical company, already listed on the London Stock Exchange’s AIM market and Nasdaq Global Select Market, is hoping to get an approval in China later this year for what will be its first independently marketed oncology drug, surufatinib

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