In today’s briefing:
- Hanx Biopharm (翰思爱泰) IPO Trading
- NRXBF: Treatment Shows Inflammation Reduction
- PLX: Secarna’s Antisense Oligonucleotide Discovery Collaboration
- RADX: Interim Readout Achieves 92% Concordance
- SNGX: Positive Results for Phase 2a Trial in Psoriasis
- Hansoh Pharma (3692 HK): Yet Another Out Licensing Agreement Underpins Hansoh’s Pipeline Strength
- HURA: Focus on the Delta Opioid Receptor
- Pre-IPO Binhui Biopharmaceutical – The Success of Commercialization Is Highly Uncertain
- VVOS: Scaling a Transformative Medical Model for Obstructive Sleep Apnea
- The Cooper Companies Is Scaling MyDay and MiSight — And Market Share Is the Prize!
Hanx Biopharm (翰思爱泰) IPO Trading
- Hanx Biopharm raised HKD 586m (USD 76m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday December 23, 2025.
- In our previous note, we looked at the company’s core products, management track records.
- In this note, we provide an update for the IPO before trading debut.
NRXBF: Treatment Shows Inflammation Reduction
- NurExone (OTC-NRXBF) is a preclinical stage biotech company that is developing a breakthrough treatment for spinal cord injuries that has the potential to dramatically improve lives.
- The technology involved also has the potential to more efficiently get other treatments to the area needed.
- The company announced clinical tests that showed the company’s proprietary exosomes “significantly reduced inflammation” in cell, both untreated and those treated with a commercially available product.
PLX: Secarna’s Antisense Oligonucleotide Discovery Collaboration
- Protalix is a clinical and commercial pharmaceutical company using its proprietary ProCellEx plant-based expression system to pro duce thera peutic proteins for global markets.
- The company has two commer cialized products, Elelyso that is marketed by Fiocruz in Brazil & Pfizer in the rest of the world for Gaucher Disease and Elfabrio which was approved in May 2023.
- Chiesi Rare Disease will commercialize Elfabrio globally.
RADX: Interim Readout Achieves 92% Concordance
- Radiopharm Theranostics is advancing a portfolio of imaging and therapeutic radiopharmaceutical candidates in oncology.
- Its approach recognizes the opportunities in tumors beyond prostate, thyroid & neuroendocrine targets identified through precision oncology & validated by clinical trials & regulatory approval.
- RAD101, an F-18 radioisotope developed to image brain metastases is the most advanced asset.
SNGX: Positive Results for Phase 2a Trial in Psoriasis
- On December 17, 2025, Soligenix, Inc. (SNGX) announced positive results from Cohort 3 of its ongoing Phase 2a trial of SGX302 (synthetic hypericin) in patients with mild-to-moderate psoriasis.
- The patients in Cohort 3 were treated for 18 weeks, but in contrast to Cohorts 1 and 2 they were treated with an optimized gel formulation of synthetic hypericin.
- The three evaluable patients (one patient withdrew for personal reasons) showed improvements in the Investigator Global Assessment (IGA), the Psoriasis Activity and Severity Index (PASI), the simplified psoriasis index, the dermatology life quality index, and the Skindex-29 questionnaire.
Hansoh Pharma (3692 HK): Yet Another Out Licensing Agreement Underpins Hansoh’s Pipeline Strength
- Hansoh Pharmaceutical Group (3692 HK) granted Glemark license to develop, manufacture and commercialize aumolertinib in territories like Middle East, Africa, Southeast & South Asia, Australia, New Zealand, Russia/CIS and Caribbean.
- Aumolertinib is the first original third-generation EGFR-TKI innovative drug in China. It has been approved for four indications in China and also in UK for two indications.
- Most popular third-generation EGFR-TKIs is osimertinib (Tagrisso by Astra Zeneca). Global sales of Tagrisso was US$5.3B in 9M25, being the highest selling drug of Astra Zeneca (12% of total revenue).
HURA: Focus on the Delta Opioid Receptor
- TuHURA is a clinical-stage, oncology-focused biotechnology company advancing innate immune agonists, checkpoint inhibitors & antibody-drug conjugates (ADCs).
- It offers the IFx platform technology featuring the IFx-2.0 tumoral injection delivery approach for Merkel cell carcinoma (MCC) & the IFx-3.0 intravenous delivery approach for lymphoma.
- IFx encodes a bacterial protein to be expressed in cancer cells, activating the innate immune system & subsequent cascade that may eliminate the tumor.
Pre-IPO Binhui Biopharmaceutical – The Success of Commercialization Is Highly Uncertain
- The core advantages of Binhui include its technological platform, industry-unique/vertically integrated CMC and commercial-scale manufacturing capabilities, making it a highly promising and indispensable player in the field of oncolytic viruses.
- Oncolytic viruses market has yet to show a significant upward trend.The awareness of oncolytic virus therapy among doctors is insufficient. It’s highly uncertain whether Binhui will eventually achieve commercial success.
- Under the ideal scenario, peak sales of BS001 may reach RMB2bn after becoming an important treatment option in key indications. If based on P/S of 2-4x, market value is RMB4-8bn.
VVOS: Scaling a Transformative Medical Model for Obstructive Sleep Apnea
- Strategic pivot to vertical integration impact. Vivos’ transition from a dealer-based dental model to a vertically integrated Sleep and Airway Medicine Center approach is gathering pace, driven by the June 2025 acquisition of Sleep Center of Nevada (SCN).
- This integration gives Vivos full control of the patient journey, fueling demand that has outpaced expectations with bookings into March 2026.
- To meet this surge, the company has expanded facilities, added staff and providers, and achieved strong metrics—94% second-visit conversion and 64% treatment acceptance—using its CARE oral appliances, the only FDA-cleared oral devices for severe OSA as an alternative to CPAP.
The Cooper Companies Is Scaling MyDay and MiSight — And Market Share Is the Prize!
- Cooper Companies reported fourth-quarter and full-year earnings for 2025, highlighting key strategic priorities and financial results.
- The company focused on gaining market share, enhancing earnings and free cash flow, and returning capital to shareholders.
- Cooper Companies’ President and CEO, Al White, expressed commitment to driving long-term shareholder value through various initiatives, including significant share repurchases and a formal strategic review to explore opportunities for enhancing shareholder returns.
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