On February 18, 2021, New Horizon Health was officially listed on HK stock exchange. The opening price was HK $76, which was 1.8 times higher than the issue price of HK $26.66 per share.
Founded in 2015, New Horizon Health is the leader of cancer early screening and the pioneer of home testing in China. The company holds the cancer early screening registration certificate approved by NMPA, and its two colorectal cancer screening products (COLOCLEAR and PUPU Tube) have been approved by NMPA and have been commercialized. The company has two pipeline products in research for gastric cancer and cervical cancer screening. The company holds global property rights in all its listed and pipeline products.
In 2016, the company obtained the round-A financing of US $20 million from two major investment institutions, Legend Capital and SBCVC. In the subsequent rounds of financing, the two old shareholders also increased their holdings for many times. Qiming Venture Partners which joined in round B, even made four rounds of investment. In the last round, OrbiMed, LAV and other top international investment institutions were introduced.
On November 10, 2020, the joint detection kits of COLOCLEAR for KRAS gene mutation, and BMP3 / NDRG4 gene methylation and fecal occult blood, a cancer early screening product of New Horizon Health, was officially approved by NMPA. COLOCLEAR adopts non-invasive multi-target FIT-DNA joint testing technology, which is the first molecular cancer screening test approved by NMPA in China and is also the first full-scale cancer screening test after Cologuard, the second non-invasive colorectal cancer early screening product globally. The target customers are 120 million high-risk groups of colorectal cancer in China. PUPU Tube is the first self-test fit screening product approved by NMPA in China. It has also obtained the CE mark of the EU. It is popularized in 630 million mass market to help effectively identify high-risk groups of colorectal cancer in China.
What is the market demand for early screening of cancer?
Compared with the "crowd" field of individualized cancer treatment, early screening of cancer is still in the "blue ocean" market, with huge potential space. Compared with the middle and advanced cancer patients with concomitant diagnosis, the early screening of cancer is aimed at the huge "seems health" or potential high-risk groups. Moreover, compared with the low-frequency examinations with concomitant diagnosis, the early screening products have a certain "repurchase", and the market scale is several times larger than that of the concomitant diagnosis market. According to the prospectus medicine, the domestic cancer early screening market will increase from US $18.4 billion in 2019 to US $28.9 billion in 2030, with a CAGR of 4.2%. We have estimated the potential market size of the early screening of cancer with two high incidence rate of HCC and colorectal cancer and the rapid development of the early screening products. The potential market space for screening for HCC and colorectal cancer in 2030 will be 10.65 billion and 9.6 billion respectively.
