New Stock News: Eudon Micro Medicine has submitted its prospectus to the Hong Kong Stock Exchange for the third time. It has accumulated approximately 1.66 billion yuan in continuous losses during the reporting period.

According to the disclosure on July 16th by the Hong Kong Stock Exchange, Immvira Bioscience Inc. (referred to as Immvira) has submitted an application for listing on the mainboard of the Hong Kong Stock Exchange, with Citigroup and CICC as joint sponsors. Company Overview According to the prospectus, Immvira is a biotechnology company focused on clinical need-oriented biotherapeutics, dedicated to the discovery, development, production, and commercialization of novel oncolytic immunotherapy and engineered exosome therapy. The company has established a product pipeline, including two oncolytic immunotherapy products for solid tumors, and five engineered exosome products with clinical application prospects or direct commercialization potential. The company's core product MVR-T3011 is a phase II oncolytic immunotherapy product targeting Herpes Simplex Virus Type 1 (HSV-1), combining potent tumor lysing activity with the expression of anti-PD-1 antibody and IL-12. MVR-T3011 is currently undergoing evaluation as a monotherapy and as part of combination therapy, covering a spectrum of bladder cancer indications (including second-line treatment for high-risk non-muscle invasive bladder cancer after Bacillus Calmette-Gurin treatment, first-line treatment for non-muscle invasive bladder cancer, as well as neoadjuvant or adjuvant therapy for muscle-invasive bladder cancer), third-line treatment for head and neck squamous cell carcinoma, and other solid tumor indications. Another internally developed product, MVR-C5252, is a novel oncolytic immunotherapy based on HSV-1, which has been modified to express anti-PD-1 antibody and IL-12. MVR-C5252 may be the world's first oncolytic immunotherapy that fuses the HSV-1 vector with anti-PD-1 antibody for the treatment of glioblastoma. In April 2026, the company initiated a Phase I/IIa clinical study in China for patients with glioblastoma using MVR-C5252. The first patient has been enrolled, with the study's Phase I portion expected to complete participant recruitment by the end of 2027. The prospectus notes that the company may not be able to successfully develop, market pipeline products (including the core product MVR-T3011), and/or derive meaningful economic value from these pipeline products. Currently, no drugs have been approved for marketing or commercialization through clinical regulatory pathways. During the historical period, the company's revenue came from external licensing and collaboration arrangements. For the years ended December 31, 2023, 2024, and 2025, the revenue from the largest customer accounted for approximately 100.0%, 100.0%, and 64.2% of total revenue for the respective years. As of May 31, 2026, the company had no customers. Financial Information Revenue During the historical period, the company's revenue came from external licensing and collaboration arrangements, primarily consisting of upfront payments, patent licensing royalties, and other consideration received from various partners. There are currently no products approved for commercial sales through clinical regulatory pathways, and no revenue from product sales during the historical period. For the years ended 2023, 2024, 2025, and the five-month period ended May 31, 2026, the company generated revenue of 6.772 million, 3.2 million, 1.308 million, and 0 Chinese Yuan, respectively. Losses for the year/period For the years ended 2023, 2024, 2025, and the five-month period ended May 31, 2026, the company incurred losses of approximately 482 million, 524 million, 519 million, and 137 million Chinese Yuan, respectively. Industry Overview The global oncolytic immunotherapy drug market is currently in its early stages, with limited commercialized products and low clinical adoption rates. In recent years, oncolytic immunotherapy has shown significant progress, with an expanding pipeline of candidate drugs and a broader range of targeted indications. For example, bladder cancer, head and neck squamous cell carcinoma (HNSCC), and glioblastoma (indications that demonstrate significant therapeutic potential in oncolytic immunotherapy) had a global total incidence of approximately 2.11 million cases in 2025, expected to increase to approximately 2.52 million cases by 2033. Currently, there are five approved oncolytic immunotherapy drugs globally, with seven oncolytic immunotherapy candidates in key Phase II/III or later-stage clinical trials, and over 30 candidate drugs in Phase I/II stages. According to Frost & Sullivan, it is expected that at least 10 new oncolytic immunotherapy drugs will be approved globally between 2026 and 2033. Particularly, between 2025 and 2033, it is estimated that China will approve at least six new oncolytic immunotherapy drugs, with a broader range of solid tumor types, indicating a significant development momentum in the Chinese oncology immunotherapy market. The figure below shows the market size of the oncolytic immunotherapy drug market. Competitive Landscape of Oncolytic Immunotherapy Currently, there are five approved oncolytic immunotherapy drugs globally, including one Adeno-associated virus type 5 (Ad5)-based oncolytic immunotherapy product (H101) approved in China. The table below summarizes the currently approved oncolytic immunotherapy drugs. Primary Indications for Oncolytic Immunotherapy Bladder Cancer The global bladder cancer drug market has grown from $3.9 billion in 2019 to $7 billion in 2025, with a compound annual growth rate (CAGR) of 10.1%. It is expected to reach $19.3 billion by 2033, with a CAGR of 13.5% from 2025 to 2033. The figure below shows the historical and forecast market size for the bladder cancer drug market during the period indicated. Head and Neck Squamous Cell Carcinoma As the most common type of HNSCC, head and neck squamous cell carcinoma is typically treated based on the location and stage of the disease. The global HNSCC drug market has grown from $3.0 billion in 2019 to $5.4 billion in 2025, with a CAGR of 9.9%. It is expected to reach $7.2 billion in 2029 and $9.7 billion in 2033, with CAGRs of 7.5% from 2025 to 2029 and 7.8% from 2029 to 2033. The figure below shows the historical and forecast market sizes for the global, U.S., and Chinese HNSCC drug markets during the period indicated. Glioblastoma Drug Market The global glioblastoma drug market has grown from $1.6 billion in 2019 to $2.2 billion in 2025, with a CAGR of 5.1%. It is expected to reach $4.8 billion in 2029 and $13.8 billion in 2033, with CAGRs of 22.0% from 2025 to 2029 and 30.3% from 2029 to 2033. The figure below shows the historical and forecast market sizes for the global, U.S., and Chinese glioblastoma drug markets during the period indicated. Board of Directors and Executive Management The company's board of directors consists of seven directors (1 executive director, 3 non-executive directors, and 3 independent non-executive directors). Ownership Structure As of July 7, 2026, a single largest shareholder group has the collective right to exercise approximately 22.80% of the total voting rights of the company under a unanimous action agreement. Intermediary Team Joint Sponsors: Citigroup Global Markets Asia Limited, China International Capital Corporation Hong Kong Securities Limited Company's Legal Counsel: For Hong Kong and U.S. law: King & Wood Mallesons; For China law: Jun Tian Gu Cheng Law Firm; For Cayman Islands law: Harney Westwood & Riegels Joint Sponsors' Legal Counsel: For Hong Kong and U.S. law: Sullivan & Cromwell LLP (Hong Kong) LLP Law Firm; For China law: Fangda Partners Law Firm Reporting Accountants and Auditors: Ernst & Young Industry Consultants: Frost & Sullivan International Ltd.