Biopharmaceuticals are accelerating clinical translation, and high-quality medical projects are entering a golden window period for investment, financing, and mergers and acquisitions. This issue selects 6 high-quality targets: cell therapy, synthetic biology, addictive sustained-release drugs, chronic disease devices, multi-target tumor immunity, and original small nucleic acid drugs.

The project covers stages such as large-scale listing, clinical promotion, and IND application, supporting equity investment, mergers and acquisitions, BD authorization, and joint development. We sincerely invite investment institutions, listed pharmaceutical companies, and overseas industry partners to connect and negotiate.

 The project details are as follows:

1、 Cell Therapy _ Microfluidic Cell Microsphere Clinical Transformation Platform

The project focuses on the limited survival rate, insufficient standardization, low clinical translation efficiency, and unclear hospital landing path of stem cell therapy in hospital applications. A new medical clinical translation platform with microfluidic cell microsphere technology as the core has been established.

The platform uses microchannel chips and droplet generation systems to encapsulate stem cells, immune cells, or iPSC derived cells in degradable microspheres, forming a three-dimensional culture system that is closer to the in vivo microenvironment. Compared with traditional two-dimensional adherent culture, this system can enhance extracellular matrix secretion, improve intercellular connectivity and paracrine ability, and enhance in vivo adhesion, survival, and directed differentiation effects. Existing parameters show that the diameter of microspheres can be controlled within 80-100 microns with an error of less than 1%. The survival rate of cultured cells in vitro can reach 98%, and the degradation time can be controlled within 1-6 weeks. Multiple product forms such as injection, implantation, and external application can be achieved according to different material systems.

The technical platform of the project has formed a four in one architecture consisting of “cell preparation and quality control system – microsphere carrier technology – digital management software – gene editing platform”. The front-end has standardized and scalable capabilities for stem cell isolation, cultivation, amplification, and quality control; Improving clinical efficacy and tissue repair efficiency through microsphere technology in the middle section; The backend covers the entire process from donor, preparation, detection to clinical feedback with a digital management system, meeting the requirements for traceability, auditability, and real-time monitoring under policies 818 and 828; Simultaneously equipped with CRISPR-Cas9, mcDNA, and liposome gene editing tools, providing support for subsequent cell product iterations. The platform also has the ability to extract and detect extracellular vesicles using electrophoresis, which can form multi-directional extensions such as cells, extracellular vesicles, and organoids.

The clinical application and customer group settings are relatively clear. The platform plans to promote in-hospital transformation by jointly building joint treatment centers and chronic disease management centers with tertiary hospitals. The target customers include tertiary hospitals, research institutes, regional cell centers, and subsequent specialized outpatient networks with clinical transformation needs. The first batch of landing directions include knee joint injury, liver function repair, local application near solid tumors, and medical external skin repair scenarios.

Cash flow mainly comes from three parts: first, the construction of joint centers and the output of digital management systems; The second is the revenue from in hospital cell microsphere preparation, quality control, and clinical application services; The third is to implement paid clinical applications along the 818 pathway, and then combine with the 828 pathway to apply for IND and innovative drugs, forming a higher value node. The current focus of the project is to combine microsphere carrier technology, hospital joint centers, and digital compliance systems to form application scenarios and revenue loops in a relatively short period of time.

2、 Biomanufacturing_ Microalgae Synthesis Biology and Recombinant Protein Platform

The project focuses on industry pain points such as high production costs of recombinant proteins, difficulty in expressing complex structural proteins, and scarce oral delivery chassis, and has established a synthetic biology platform with Chlamydomonas reinhardtii as the core chassis. The platform has formed a complete technical chain of “expression element design gene editing efficient expression extraction and purification pilot scale”, with core modules including high-performance synthetic gene element mining technology, efficient gene editing technology, protein efficient expression platform, and exclusive purification platform, which can cover one-stop development from target molecule design to large-scale production. Compared with traditional mammalian cell, yeast, and bacterial expression systems, this platform has the characteristics of low cost, post-translational modification, batch stability, biosafety, and large-scale adaptation. It has also obtained the certification of Rhein Chlamydomonas as a new resource food raw material in China and the United States, providing a clearer industrialization path for oral delivery, functional protein, and clinical nutrition product development.

At present, the platform has formed a multi-layered product reserve around drugs, active pharmaceutical ingredients, functional foods, clinical nutrition, and cosmetics. There are over 40 research pipelines, including 32 in the field of drugs and active pharmaceutical ingredients, 15 in the field of functional foods and clinical nutrition, and 7 in the field of cosmetics and pharmaceuticals. Recombinant hirudin is currently the most representative validation project.

The platform has solved the key bottleneck of significant decline in the activity of traditional recombinant hirudin by implementing tyrosine sulfation modification at position 63. Existing test results show that the activity of algal derived recombinant hirudin has reached about 90% of that of natural hirudin. In vivo experiments in mice have shown that it has a significant inhibitory effect on venous thrombosis, and no significant thrombocytopenia has been observed. The incidence of adverse bleeding reactions is low. Around this core molecule, the platform has extended many application directions, such as anticoagulant injections, oral preparations, wound repair dressings, gynecological gel, ophthalmic and oral preparations, effective skin care and pet health.

The customer base and cash flow path are relatively clear. Upstream can undertake the development and production services of recombinant protein CRDMO, and provide expression and purification capabilities to pharmaceutical companies, health product companies, functional raw material customers, and research institutions; The midstream can promote raw material sales, joint development, and authorized cooperation around self owned molecules such as recombinant hirudin; Downstream companies can first generate revenue from products with shorter entry cycles and faster volume, such as dressings, functional foods, and effective skincare, and then gradually expand into the prescription and raw material drug markets. The platform has established a research center, professional laboratory, patented algae seed library, and a first phase fermentation base, with a foundation for undertaking from laboratory to pilot scale.

3、 Innovative drug addiction treatment long-acting sustained-release formulation platform

The project focuses on core pain points in the field of addiction treatment, such as poor compliance, high relapse rates, and difficulties in maintaining long-term treatment. It has established a long-term sustained-release drug platform with high-end drug delivery as the foundation, with research and development efforts covering opioid addiction, alcohol addiction, new drug relapse prevention, smoking cessation, and depression.

The core product of the platform is naltrexone implant, which has obtained domestic drug registration approval in 2024 and entered the stage of market sales. It is used to prevent relapse in opioid dependent patients after detoxification, forming the first closed loop of the platform from research and development, approval to commercialization. Compared with traditional oral naltrexone, which requires daily medication and has extremely low long-term compliance, this product achieves continuous release for about 150 days through subcutaneous implantation; Compared with monthly injections of microsphere preparations overseas, it has a lower frequency of administration, less pain, and more practical advantages in cost-effectiveness and patient retention.

On the technical side, the company has established a triple control system around microsphere encapsulation, skeleton support, and membrane controlled release, which ensures rapid achievement of effective concentration after implantation and maintains medium – to long-term stable drug release. At the same time, the company has also laid out a degradable polymer excipient platform to enhance the extensibility of subsequent complex and improved formulations. In terms of patents, as of mid-2025, we have more than 60 patents covering preparation methods, excipients, dosage forms, and key overseas markets, and have won the China Patent Excellence Award. On the production side, the company has established a production system that meets GMP requirements. The current annual production capacity of naltrexone implants is 50000 bottles, and the design capacity can be expanded to 300000 bottles. The annual production capacity of excipients is 1000 kilograms, which has a basis for large-scale production.

The commercial customer base mainly includes drug rehabilitation medical institutions, psychiatric hospitals, addiction treatment centers, and public health systems; With the promotion of new products such as alcohol addiction, fentanyl relapse prevention, smoking cessation, and depression, the platform will continue to expand into psychiatric and central nervous system treatment scenarios in the future. The market has entered the stage, and the first approved product has provided a real price system and hospital payment reference, with a single bottle price of 18360 yuan; At the same time, the overseas market has obtained approval from Macau and Laos, indicating that the platform has the potential to replicate in the overseas addiction treatment and psychiatric markets. As delivery platforms such as long-acting micro implants, nasal sprays, and microneedle sustained-release agents continue to mature, the subsequent product line is no longer limited to a single addiction scene, but can be extended to pain management, mental disorders, and other central nervous system drugs.

4、 Medical device diabetes continuous monitoring and insulin pump platform

Focusing on the upgrading trend of diabetes management from single point detection to continuous monitoring, precise administration and remote data management, the project has established a device product matrix covering CGM, adhesive insulin pump, blood glucose meter and cloud management system, which is oriented to the endocrinology department, diabetes specialty, grass-roots chronic disease management institutions and family patients.

The platform has formed a relatively complete commercial foundation: continuous glucose monitoring products have been launched in China, with a maximum sensor usage time of 15 days and a MARD of 8.66%. It supports high and low blood glucose reminders, trend analysis, and AGP report output; The patch insulin pump system can be continuously administered for 3 days, with a ductless design that supports basal rate, meal time dose, extended high-dose, and built-in blood glucose monitoring compatibility, targeting patients undergoing intensive insulin therapy; The blood glucose meter products cover basic monitoring, Bluetooth interconnection, and blood glucose/ketone body/uric acid three in one scenarios; At the same time, it is equipped with cloud based diabetes data management platform to support patient side device upload, doctor side remote view and compliance analysis.

On the technical level, the core competitiveness of the platform lies not in a single hardware, but in the closed-loop of “monitoring+administration+data”: CGM provides continuous data, insulin pumps undertake personalized treatment, cloud platforms enhance doctor management efficiency and long-term patient retention, thereby increasing repurchase and consumables revenue.

The commercialization path is also relatively clear, including the pump body PDA、 Sensors, fluid reservoirs, infusion components and test strips together constitute a revenue model of one-time equipment sales and continuous consumables. The customer groups include not only type 1 diabetes patients who need refined management, but also type 2 diabetes patients who need intensive insulin treatment, as well as medical institutions that promote out of hospital follow-up. The company has completed a multi regional international layout, with products entering the European, Asia Pacific, Middle East, African, and Latin American markets, and establishing regional entities in Germany, Hong Kong, and other places.

Outwardly, this is a diabetes management device platform that has the foundation of multi product launch, the starting point of global sales and the characteristics of continuous consumable cash flow. From the perspective of customer structure, the clients in the hospital are mainly endocrinology department, diabetes center and chronic disease management outpatient clinic, while the clients outside the hospital include patients and caregivers who need long-term monitoring and pump management; From the perspective of income structure, CGM sensors, application pump consumables, and test strips have the attribute of repeated procurement, while cloud platforms enhance the stickiness of doctors and the continuous use rate of patients. Multi product collaboration enables the platform to have both hardware shipping capabilities and the ability to undertake continuous consumables and data services, closer to the business model of a long-term management oriented medical device enterprise.

5、 Tumor Immuno-MCTL Multi Target Anti Tumor Platform

The project focuses on the issues of single target drug resistance, limited applicable population, and large individual differences in tumor treatment, and establishes a four layer layout of “tumor target library+MCTL multi-target mechanism+cancer treatment pipeline+therapeutic vaccine cooperation”. The underlying platform has been continuously constructed since 2014, and has screened 387 highly specific tumor cluster targets covering 19 common solid tumors, involving multiple systems such as head and neck, lung, digestive, reproductive, urinary, and melanoma, providing a shared target foundation for subsequent cell drugs, therapeutic vaccines, and antibody drugs.

The core mechanism of MCTL is to first detect tumor specific antigens in the patient’s serum, compare them with their own target library, identify positive targets, customize therapeutic cluster targets, rebuild immune balance through DC cells and T cells, and implement multi-target personalized therapy. This mechanism corresponds to an integrated closed-loop of “detection+treatment”, but its current greater value lies in its ability to support the continuous development of multiple cancer treatment products and provide a platform foundation for personalized medication and recurrence resistance management in the future.

At the pipeline end, the company has formed 6 MCTL anti-tumor product lines. MCTL01 is targeted at non-small cell lung cancer, and is coordinated with the first pancreatic cancer T-cell treatment project registered by the National Health Commission. It is planned to submit to IND in Q2 2026; MCTL04、 05 and 06 respectively layout liver cancer, gastric cancer, and nasopharyngeal cancer. In addition to tumor cell therapy, the company has also established a cancer vaccine technology platform and has started BD cooperation; Individualized treatment plans can further target high net worth cancer patients and specific specialized medical institutions.

The cash flow path is divided into three layers: in the short term, revenue is generated by individualized treatment of tumors and hospital cooperation; in the medium term, clinical and registration of lung cancer, colorectal cancer, pancreatic cancer and other pipelines are promoted to form a higher value node; in the long term, it is continuously expanded through cancer vaccine platform, BD cooperation and cluster target authorization. The customer base mainly includes oncology specialty hospitals, oncology departments of general hospitals, high-end medical institutions, and innovative drug companies with joint development needs. The company has obtained qualifications such as medical institution practice license, NMPA registration certificate, software copyright, invention patent, and price approval. The team covers target research, tumor clinical practice, industry operation, and business expansion.

6、 Small Nucleic Acid _ New Target Original Drug

The project focuses on the development of original drugs for the new target CREPT, and has formed a layout of “new target validation+three small nucleic acid pipelines+global patents and exit paths”. CREPT comes from more than 20 years of continuous research in the State Key Laboratory of Membrane Biology, Tsinghua University. More than 50 doctors have participated in the research for a long time. The accumulated research fund is about 50 million yuan, and it has received support from Bayer Research Transformation Fund; The team has published nearly 30 papers on this target, completed the explanation of its mechanism of action, and laid the foundation for drug development. The small nucleic acid candidate drugs targeting CREPT currently cover three pipelines: liver cancer, primary biliary cholangitis, and steatohepatitis. Some IIT projects have started clinical research in collaboration with the National Cancer Center and the GCP team of Peking University People’s Hospital, and plan to complete IND application by the end of 2026.

The core appeal of the project lies in the exclusivity of the target and the potential for future transactions. CREPT, as a direct substrate for CDK4/6, also has the potential to be used in combination with PD-1, corresponding to three scenarios of tumors, autoimmune diseases, and metabolic diseases. Currently, there are no direct competitors, and related patents cover the world, providing exclusive development and commercialization rights for the project in the Chinese and global markets. At present, the three pipelines are advancing synchronously, which not only limits the project to a single indication, but also provides richer landing points for subsequent license out and capitalization. Recently, multiple small nucleic acid projects have seen transactions at the levels of 630 million, 2 billion, and 5.2 billion US dollars, with clear international trading references for the track.

The exit path of this project is also clear: firstly, to focus on overseas patent authorization after IND completion, and sell development and commercialization rights outside of Greater China; Secondly, we will continue to promote extrahepatic delivery and clinical pipeline expansion, following the path of the Hong Kong capital market. At present, the company is the only entity in the world promoting the development of CREPT targeted drugs. The front-end has long-term basic research and hospital cooperation support, and the back-end has clear patent, clinical, and exit arrangements, which is more suitable to be understood according to the “new target platform+small nucleic acid pipeline+overseas authorization potential”.

This selection features six high-quality medical targets spanning the entire biopharmaceutical innovation, cell therapy, synthetic biology, premium medical devices, and tumor immunology value chain. Each project boasts prominent technical barriers, solid clinical data, and feasible commercialization paths, with flexible and diverse cooperation models.

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