Daily Brief Health Care: Yichang HEC Changjiang Pharma, BlissBio, Torrent Pharmaceuticals, Newron Pharmaceuticals, Clinuvel Pharmaceuticals, VolitionRX , NetraMark Holdings , Cybin , Earth Science Tech and more

• A little over a year ago, I wrote about Yichang HEC Changjiang Pharma (1558 HK)‘s overly complicated scrip Offer in Yichang HEC (1558 HK): Absorption Via Speculative Scrip. Avoid.
• In summary, Yichang HEC shareholders were being offered 0.263614 “Offeror H shares”. These consideration shares are unlisted. The Offeror being Yichang HEC’s controlling shareholder (51.41%).
• The Composite Doc and the Offeror’s Listing by Way Of Introduction Doc are out.  The independent H-shareholder vote is the 21st July. Shareholders should vote this down.

• BlissBio, a China biotech company with a focus on next-generation ADC, is seeking to raise at least USD100m via a Hong Kong listing. Sponsors are GS, Huatai, CCBI.
• In this note, we look at the company’s core product BB-1701, and briefly other three key products. We think it does have a good selling point.
• We also look at the company’s management and pre-IPO investors. We think the deal is worth following.

• Torrent Pharmaceuticals (TRP IN) is acquiring a controlling stake in J.B. Chemicals & Pharmaceuticals (JBCP IN) for INR 25,689 crore, marking the second-largest pharma deal in India’s history.
• The acquisition strengthens Torrent’s market share in India, expands its therapeutic presence, and opens entry into the growing CDMO sector, diversifying its business model.
• The merger is expected to drive revenue growth, improve margins, and provide operational synergies, with long-term gains in both domestic and international markets.

Newron Pharmaceuticals is making significant headway in progressing its drug candidate, evenamide, to become an effective treatment option for patients suffering with treatment-resistant schizophrenia (TRS). The latest update from the company confirmed that the registrational ENIGMA-TRS Phase III programme (expected n=1,000) will consist of two separate studies (versus a single trial as originally planned). The first of these commenced within H125 (according to management), and it is anticipated to report top-line results from Q426. We update our estimates to reflect the second international Phase III study and adjust our model to factor in self-commercialisation in the US. Our valuation adjusts to CHF392.4m or CHF19.7/share, from CHF385.6m or CHF19.3/share previously.

• Clinuvel Pharmaceuticals posted a strong first half result, and offers significant upside in expanding the use of its flagship drug, but investors just aren’t excited

• NetraMark expects its insights potentially could protect millions of R&D dollars, increase drug development success rates, lower costs for drug sponsors & shorten the time to commercialization of new therapies.
• Developing & commercializing a new drug takes an avg 10-15 years & costs an avg $2.6B, while failure rates are nearly 90%.
• In April 2025, NetraMark entered into a global agreement with CRO Worldwide Clinical Trials & expects additional partnerships with other CROs & pharma companies.

Despite rapid advancements in cancer treatments, effective diagnostics for early screening and disease monitoring continue to be an unmet need. This is felt acutely in lung cancer, which is the leading cause of cancer-related death worldwide, with only 20% of cases diagnosed at an early stage. VolitionRx, a diagnostics company focused on the detection of life-altering diseases, such as cancer, continues to build clinical evidence for its Nu.Q® Cancer test as a multi-pronged diagnostic tool to enhance screening, treatment selection and disease monitoring in lung cancer. By detecting circulating nucleosomes associated with tumor activity, Nu.Q Cancer offers a compelling low-cost, quick-turnaround cancer screening and monitoring alternative/complement to existing diagnostic tools, particularly complex and time-consuming biomarker-based blood tests requiring expensive next-generation sequencing (NGS).

• NetraMark expects its insights potentially could protect millions of R&D dollars, increase drug development success rates, lower costs for drug sponsors & shorten the time to commercialization of new therapies.
• Developing & commercializing a new drug takes an avg 10-15 years & costs an avg $2.6B, while failure rates are nearly 90%.
• In April 2025, NetraMark entered into a global agreement with CRO Worldwide Clinical Trials & expects additional partnerships with other CROs & pharma companies.

• Cybin announces largest psychedelic funding agreement to date.
• Cybin has entered an innovative funding agreement with High Trail Special Situations LLC, an investment fund managed by High Trail Capital (HT), a hedge fund known for its experience in complex and innovative financing solutions for small-cap and early- stage public companies across a broad spectrum of sectors.
• Through its arrangement with HT, Cybin effectively creates a capital reserve of up to $500 million from which it can draw funds to advance its late-stage clinical developments, CYB003 and CYB004, to potential commercialization. 

• Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
• Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
• The firm was incorporated in 2010, with headquarters in Miami, Florida.