FortuneRock, a China-based biotechnology company backed by pharmaceutical firm Jinhua Pharmaceuticals, has filed for an initial public offering (IPO) on the National Equities Exchange and Quotations (NEEQ) in China.
The company has submitted a preliminary prospectus to China’s securities commission, though the document is not yet available on the commission’s English language website.
FortuneRock is developing a range of treatments for life-threatening and debilitating diseases. It secured $24m in pre-IPO funding from Jinhua Pharmaceuticals and two undisclosed private investors in August 2014, with the intention of completing a flotation by the end of 2014.
Yu Zailin, chairman of FortuneRock, said: “We are happy to announce the successful IPO of our business in China on the NEEQ. This continues our efforts to further expand the company and our extensive novel product pipeline.”