Microcore Bio (688321): has a unique technology platform, pioneering the development of efficient innovative drugs

Microcore Bio (688321): has a unique technology platform, pioneering the development of efficient innovative drugs

Independent technology research and development platform, achievement of source innovation mechanism. Drug companies are the star enterprises of small molecule innovative drugs in China. They have independently created “integrated drug discovery and early evaluation platform based on chemical genomics”, which can effectively reduce the risk of new drug development.

After more than ten years of accumulation, in 2014, the first innovative molecular entity (NME) Cedaramide with global patent protection and the world’s first subtype selective histone deacetylase (HDAC) inhibitor was listed.

The company has stockpiled a number of innovative drug research and development pipelines, including a complete innovative drug industry chain from source innovation to industrialization.

Cedaramide is positioned at a domestic level with a world-class level, and has the potential to expand its indications. The first individual indication of Cedaramide is a span T-cell lymphoma, which covers the gap in domestic medicine, and has efficacy and safety comparable to international innovative drugs.Rapid volume (especially after 17 years of medical 杭州桑拿 insurance), we expect that the indication space is about 600 million.

The second indication is the combination of exemestane with second-line treatment of hormone receptor-positive receptors. It was submitted to the NDA in November 18 and has been alternately prioritized. It is expected to be approved for listing before the end of the year. We predict that the space is about 7 Ten thousand yuan.

The third indication is EGFR-negative advanced non-small cell lung cancer, which is advancing to phase III clinical trials, and we predict that there is about 900 million.

In the long run, because of its unique epigenetic mutation mechanism, Cestabenamide attempts to solve the problem of regeneration caused by tumor stem cells. In theory, it can achieve a wide range of combinations and has great potential for expansion.

Rich research 天津夜网 and development reserves, FIC innovative drug echelon is gradually taking shape. In addition, the company has stockpiled several innovative drug research and development pipelines, of which the progress is a new generation of incremental sensitizer siglitazone sodium, which has completed phase III clinical trials and is expected to be in 2019.年 年下半年提交上市申请,其临床降糖效果非劣效于西格列汀,而独特的机制又更有利于脂代谢紊乱的替代(据该类人群占糖尿病患者的60%左右)。
There is also a mechanism anti-tumor innovative drug Sioroni, which is undergoing phase I / II clinical trials for multiple indications.

In addition, many small molecule innovative drugs before the clinic will be submitted to the IND in order for clinical practice, forming a rich innovative drug echelon.

Profit forecast and estimation indicators: The company is one of the few domestic innovative drug companies capable of researching and developing new mechanism drugs, with strong pipeline innovation and great room for growth.

Projected revenue for 19-21 years.



9.2 billion yuan, net profit attributable to mother 0.



950,000 yuan, a year-on-year increase of 37% / 49% / 49%.

Combining the absolute and relative estimation methods, we believe that the reasonable estimation range of the company is 86?
9.5 billion, please go to 4.

With 100 million shares, the price range is 21?
Between 23 yuan.

Risk reminder: the risk of failure of new drug R & D and the progress of approval is not up to expectations; the risk of intensified market competition and the lower than expected price reduction of the drug; the risk of too high a downward revision.