Hong Kong's First Listed Peptide Innovative Drug Company: Micot Pharma Innovative Pipeline Poised for Breakthrough, Clear Positioning in the Cardio-Renal-Metabolic Space

On 24 June, Micot Pharma-B (02335.HK) officially listed on the Hong Kong Stock Exchange, becoming the first innovative drug company under Chapter 18A of the Hong Kong Listing Rules with a peptide core technology platform — the long-awaited “Hong Kong’s First Peptide Innovative Drug Stock.”

On its first trading day, its stock price performed strongly, closing at HK$36.90, more than double the offering price of HK$18.20, with its market capitalization quickly surpassing HK$10 billion. Prior to listing, the Hong Kong public offering was oversubscribed by more than 1,000 times, and the international placement was also oversubscribed, reflecting a recovery in market appetite for differentiated innovative drugs.

As Hong Kong's first listed peptide-innovative drug company, Micot Pharma has spent over a decade focusing on dual- and multi-functional peptide innovative drugs, building a peptide drug portfolio spanning kidney, metabolic, cardiovascular, and cerebrovascular diseases. The company has self-developed a comprehensive pipeline consisting of one core product and six key candidates, all seven of which have entered clinical stages, with six filing simultaneously in both the PRC and the U.S., making it the Chinese company with the most innovative peptide drugs in clinical stages.

MT1013: A Differentiated Pipeline Recognized by International Academic Institutions, with a Clear Commercialization Path

Micot Pharma's core product, MT1013, is a dual-target receptor agonist polypeptide that simultaneously targets the CaSR and the OGP receptor. It primarily targets chronic kidney disease-secondary hyperparathyroidism (CKD-SHPT), a common complication of chronic kidney disease. The global patient population is projected to reach 188 million by 2030, with the related drug market in Chinese Mainland valued at approximately RMB 5 billion. This condition is not merely an elevation of parathyroid hormone (iPTH), but a systemic issue involving calcium-phosphorus imbalance, abnormal bone metabolism, and increased cardiovascular risk.

Current mainstream drugs, such as cinacalcet and etelcalcetide, primarily lower iPTH but still have limitations in areas including blood calcium reduction, gastrointestinal side effects, improvements in bone metabolism, and overall target achievement rates.

MT1013's differentiation lies in its dual-target synergy: it lowers iPTH through CaSR receptor while promoting bone metabolism improvement through OGP-related mechanisms. It aims to simultaneously improve multiple indicators, including iPTH, blood calcium, blood phosphorus, and bone metabolism.

According to Phase II head-to-head clinical data disclosed by the company, MT1013 demonstrated a 2.2- to 2.5-fold higher comprehensive target achievement rate for iPTH, serum calcium, and serum phosphorus compared with etelcalcetide, while also significantly reducing FGF23 levels, a biomarker directly linked to cardiovascular risk.

At the same time, MT1013's clinical value has also received substantial recognition from leading international academic institutions. Its research data was accepted as a "Late-Breaking" at the American Society of Nephrology (ASN) Annual Meeting, the highest-level recognition for innovative therapies on the world's most influential academic stage in nephrology.

Currently, MT1013's Phase III clinical trial has completed patient enrolment. The company expects to submit an NDA application in early 2027 and achieve commercialization in early 2028. In 2026, the company entered into an exclusive commercialization partnership agreement with Everest Medicines (stock code: 1952.HK), covering China and the Asia-Pacific region (excluding Japan). The total upfront and milestone payments could reach up to RMB 1.24 billion, with RMB 200 million already received.

XTL6001: Not Just Another GLP-1, but an Extension into Cardio-Renal-Metabolic Territory

If MT1013 serves as the near-term commercialization milestone, XTL6001 would represent Micot Pharma's second growth driver. XTL6001 is the world's first and only GLP-1R/GCGR/MasR tri-target agonist to have received IND approvals in both the PRC and the U.S. Compared with traditional GLP-1 or GLP-1/GIP dual-target drugs, its differentiation goes beyond "three targets". By introducing MasR, it brings significant hepatic and renal protective advantages.

Activation of this pathway exerts anti-inflammatory, anti-fibrotic, and vasodilatory effects that directly address key mechanisms in CKD progression. This naturally extends its indication from weight loss to CKD with proteinuria and other diseases, addressing the shortcomings of single-target GLP-1 drugs in renal benefits.

Additionally, XTL6001 offers multiple metabolic regulatory functions such as fat reduction and muscle preservation, providing patients with an integrated treatment approach from body composition optimization to target organ protection.

Its indications extend from weight loss to CKD with proteinuria, MASH, and other conditions, targeting the renal disease gaps that GLP-1 drugs cannot cover. Preclinical studies show that XTL6001 achieves a greater reversal of fatty liver than tirzepatide and can further reduce the urine albumin-to-creatinine ratio (UACR) by an additional 15%–20% compared with finerenone.

According to the company disclosure, the Phase I clinical trial of XTL6001 has been completed.

MT1002 and MT200605: First and Only in the World

In addition to MT1013 and XTL6001, Micot Pharma has also built two high-potential product candidates, MT1002 and MT200605, targeting stroke and coronary heart disease. These are among the most burdensome cardiovascular and cerebrovascular conditions globally, yet remain areas with a severe shortage of innovative treatments.

MT1002 is a coagulation factor II and GP IIb/IIIa dual-target peptide antagonist, primarily designed for clinical needs in anticoagulation and anti-thrombosis. Using a single molecule, it could address the existing challenge of balancing bleeding and ischemia in multi-drug combination regimens. MT200605 targets acute ischemic stroke (AIS) through dual mechanisms of promoting nerve regeneration and scavenging oxygen-free radicals, thereby blocking the cascade of pathological damage after AIS via two pathways.

MT1002 is currently in Phase II clinical trials in both the U.S. and the PRC, demonstrating good efficacy and safety across different patient populations and dose levels. Meanwhile, MT200605 has completed patient enrolment for Phase II clinical trials in the PRC, with Phase I clinical studies demonstrating favorable safety and tolerability profile.

Dual Endorsement from State-Owned and Industrial Capital: A Clearer Commercialization Path

Micot Pharma brought in Qiyuan Hong Kong, Everest Medicines, and Summit Capital as cornerstone investors for this IPO, creating a structure involving local government funds, industrial capital, and professional healthcare investment institutions. Among them, Qiyuan Hong Kong represents support from Shaanxi provincial state-owned capital; Summit Capital represents recognition from professional healthcare investment; and Everest Medicines carries the most direct industrial significance.

Everest Medicines had already signed an exclusive commercialization agreement with the company for MT1013. Its participation as a cornerstone investor in this IPO signifies the relationship has been upgraded from a purely commercial partnership to a dual endorsement of "industrial collaboration + equity subscription."

From the PRC to the World: An Integrated Platform for First-in-Class Peptide Drugs

Micot Pharma's underlying capability lies in establishing an integrated drug R&D system that supports global First-in-Class drugs from molecular design to clinical translation, further extending into an end-to-end global industrial chain platform spanning discovery, development, and commercialization. This positions the company not merely as a single-pipeline Chapter 18A company, but as a peptide innovative drug enterprise with platform-based innovation, global regulatory registration, international clinical execution, and industrialization capabilities. The early success of MT1013 and XTL6001 underscores Micot Pharma's ability to "select the right targets and understand the disease" and demonstrates the coordinated execution capacity of its end-to-end platform.

The IPO raised approximately HK$1.067 billion, with proceeds primarily allocated to core pipeline clinical development and registration, commercialization rollout, development of product candidates, and R&D of the peptide technology platform. With a huge potential market, strong backing from government and strategic shareholders, and ample IPO funding, Micot Pharma has established a solid foundation to progressively realize its clinical and commercial value over the coming years, while acting as a key driving force for Chinese peptide innovation to expand globally.

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