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Newsummit Biopharma applies for IPO in NYSE

Feb. 28, 2012 (China Knowledge) - Newsummit Biopharma Holdings Ltd has applied to the U.S. Securities and Exchange Commission to launch its initial public offering with proposed fundraising of US$80 million.

The company said it expects to list on the New York Stock Exchange under the stock code: "NSB". No more details about the IPO are disclosed.

At present, First Invest Holdings Ltd holds a 27.31% stake, or 6.18 million shares, in Newsummit Biopharma, while Sequoia Funds has 24.78% equities interests and all the directors and the management holds combined stakes of 35.03%.

Shanghai-based Newsummit Biopharma, which helps clients develop new drugs and submit new drug applications to China's State Food and Drug Administration, reaped US$4.16 million in gross profit with gross margin of 17.6% in the first half of 2011.

In 2010, the company suffered a net loss of US$975,000, but its operating revenue soared 194% year on year to US$30.35 million, sources reported.

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