Innovent Biologics (OTCPK:IVBIY)
Innovent Biologics (OTCPK:IVBIY) reported that the first subject in the higher-dose group of their phase 2 trial of mazdutide in Chinese adults with obesity had been successfully dosed.
According to the manufacturer, the purpose of the placebo-controlled trial was to assess the safety and effectiveness of mazdutide in Chinese individuals who were overweight or obese.
At week 24, each dose of mazdutide exhibited significant efficacy on body weight loss compared with placebo, according to results for the low dose groups – 3.0 mg, 4.5 mg, and 6.0 mg – reported by the company in June. It is planned to enroll 80 people who will be given mazdutide 9 mg or a placebo for 24 weeks.
Innovent Biologics H2 interim results
Innovent reported its 2022 Interim Results last month and here are some of the main takeaways.
- Total revenue of RMB2,240,000,000 for the first half of 2022, including RMB2,041,000,000 in product revenue, representing a 10.0% increase over the same time in the prior year.
- Aiming to further enhance output and improve efficiency, the commercial model and platform are being upgraded to 2.0 stage, and aggressive efforts are being made to create a more agile and lean organization with more sophisticated, systematic, and scientific management.
- To quicken the pace of innovation, seek deeper strategic collaborations with major pharmaceutical firms like Lilly and Sanofi by leveraging the platform’s value and distinct competitive advantages.
- The Oncology pipeline achieved preliminary positive Proof of Concept (PoC) data readouts for a number of globally innovative compounds by insisting on a global innovation approach with an acceleration of clinical development and data readout – 7 molecules at NDA or late clinical stage.
- The total income was RMB 2,240 million, up 15.3% from the corresponding period the previous year.
- R&D costs totaled RMB1.078 billion, a 22.5% increase over the same period the year prior.
- The RMB1.085 billion loss for the year was mostly attributable to ongoing R&D expenditures.
- A strategic focus on long-term development is made possible by the approximately USD1.5 billion in cash on hand and short-term financial assets.
Featured Image – Megapixl © Studiom1