New Stock News | New Element Pharmaceuticals' Hong Kong IPO prospectus failed

Hangzhou New Element Pharmaceuticals Co., Ltd. (referred to as New Element Pharmaceuticals) submitted its Hong Kong Stock Exchange prospectus on September 15, 2025, which expired on March 15, 2026, six months after submission, with CITIC SEC as its exclusive sponsor at the time of submission. The prospectus shows that New Element Pharmaceuticals was established in 2012 and is a biotechnology company focusing on the development of globally competitive and commercially valuable therapies in the fields of metabolism, inflammation, and cardiovascular diseases. It covers the full process care of gout patients, comprehensively addressing issues such as hyperuricemia, chronic gout, acute gout, gout stone dissolution, and chronic kidney disease (CKD) with combined hyperuricemia. The company has established a pipeline including two clinical-stage products and multiple preclinical-stage projects. The company's core product ABP-671, developed independently, has a unique chemical structure that eliminates the risk of liver toxicity compared to allopurinol and its derivatives based on its parent nucleus. In addition, ABP-671 has higher target selectivity and better uric acid-lowering efficacy. Currently, ABP-671 is undergoing Phase 2b/3 clinical trials in the United States and China for the treatment of gout and hyperuricemia simultaneously, with potential to become the best-in-class innovative urate transporter 1 (URAT1) inhibitor targeting the first-line treatment market. ABP-671 also shows promising preclinical results in multiple indications beyond gout and hyperuricemia, including CKD with combined hyperuricemia and refractory gout (or gouty arthritis).