Ancheng Pharma Lists on the OTC Market, Aims for Runner-Up Among New Drug Stocks

Ancheng International Pharma listed on the OTC market yesterday at NT$248 per share, surging 42% intraday to NT$351, becoming the runner-up among new drug stocks. Chairman Chen Zhiming stated that he will work hard to repay investors' support.

Ancheng Pharma is the first pharmaceutical company in Taiwan, China, to focus on the US Paragraph IV abbreviated new drug application (ANDA) process and high-tech-barrier generic drugs. It has currently submitted 9 ANDA applications to the US Food and Drug Administration (FDA). Among them, the product for treating attention deficit hyperactivity disorder has received tentative approval from the FDA.

Ancheng Pharma General Manager Chen Zhiguang stated that an estimated 2 to 3 products will be sold in the US market next year. In addition to Paragraph IV and high-tech-barrier generic drugs, the company is also actively developing multiple new drugs with market potential through its wholly owned subsidiary Ancheng Biotech. Ongoing new drug development projects include 2 small-molecule new drugs and 1 large-molecule new drug.

Chen Zhiguang stated that in addition to its layout of specialty generic drugs, Ancheng Pharma has spared no effort in new drug development. Among the 3 new drugs it has invested in, besides AC-301 for treating ocular neovascular disease, which is still in preclinical stages, the diabetes new drug AC-201 and the rosacea new drug AC-701 have both entered Phase II clinical trials with the US FDA.

Regarding the brilliant stock price performance on the first day of OTC listing, Chen Zhiming stated that he is very happy that investors support Ancheng Pharma and will work hard to repay investors.

Ancheng Pharma's revenue for the first 3 quarters of this year was NT$192 million, a year-on-year decrease of 30%, with an after-tax loss of nearly NT$320 million, and a loss per share of NT$3.24. As drugs are gradually launched, the company will strive to turn a profit next year.