Rec-Biotechnology

The company's business model is centered on the research and development of a portfolio of vaccine candidates, with a strategy to generate future revenue through the commercialization and licensing of these products. Recbio has yet to generate revenue from vaccine sales, and its operations are financed through funding rounds and its initial public offering on the Hong Kong Stock Exchange on March 31, 2022, which raised approximately HK$765 million. The business strategy involves both domestic commercialization in China and international expansion through strategic partnerships and licensing agreements. For instance, Recbio has entered into agreements with SPIMACO in Saudi Arabia for its HPV vaccine in the Middle East and North Africa, and with Biological E. Limited in India to manufacture and commercialize its HPV9 vaccine, REC603. This latter agreement involves transferring technology and supplying the drug substance to Biological E., which will handle local production and distribution for India and for global tenders through UNICEF and PAHO.

Recbio's core technological strength lies in three integrated platforms: a novel adjuvant platform, a protein engineering platform, and an immunological evaluation platform. The company is one of the few globally capable of developing and manufacturing a range of novel adjuvants, which are substances that enhance the body's immune response to a vaccine. This capability allows Recbio to develop next-generation vaccines without depending on external adjuvant suppliers. Its pipeline includes over a dozen candidates targeting high-burden diseases such as HPV, shingles, COVID-19, adult tuberculosis, and respiratory syncytial virus (RSV). Key products in development include REC603, a recombinant 9-valent HPV vaccine currently in Phase III clinical trials in China. Another significant candidate is REC610, a novel adjuvanted recombinant shingles vaccine, which has shown favorable safety and immunogenicity in early clinical trials compared to GSK's Shingrix. The company's recombinant COVID-19 vaccine, ReCOV, utilizes the self-developed novel adjuvant BFA03.