Fudan-Zhangjiang redirects A share IPO funds to new photodynamic drug project

Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced a proposed change in the use of proceeds from its A share initial public offering due to delays in its original project. The company plans to reallocate approximately RMB181.5461 million, including interest and wealth management income, from the Hemoporfin U.S. registration project to a new "Innovative Research and Sustainable Development Project in Photodynamic Drugs." This shift, approved by the board on October 30, 2025, will be put to shareholders at an extraordinary general meeting.

The original A share offering, completed on June 19, 2020, raised total proceeds of RMB1,074.00 million, with net proceeds after expenses amounting to RMB974.3239 million. The Hemoporfin registration project, initially budgeted at RMB23,000.00, had utilized RMB7,371.72 by October 30, 2025. The new photodynamic drugs project has a proposed budget of RMB36,540.00 and will receive the unutilized funds.

The company states that the original project's clinical research progress fell behind due to international environment changes, regulatory policies, and communication inefficiencies. The new project, which shares a connection to the company's photodynamic technology platform, will see the original project continue as a sub-project. The expected timeline for the utilization of these reallocated proceeds is adjusted to December 31, 2027.