On February 18, New Horizon Health was officially listed on the Hong Kong Stock Exchange (stock code: 6606.HK). In this public offering, New Horizon Health was 4,133 times oversubscribed, and 76.598 million shares were issued worldwide. The international offering and the Hong Kong public offering were priced at HKD 26.66 per share. If the over-allotment option was not exercised, the net amount raised by the global offering would be about HKD 2.042 billion. The closing price on the day was HKD 84, which was 215% higher than the offering price of HKD 26.66, and the market value was over HKD 35 billion. CR-CP Life Science Fund under CR Capital Management participated in Series E funding of New Horizon Health.
ColoClear, the company's leading product, is the first and only approved molecular cancer screening test product in China. In September 2020, New Horizon Health released the data of Clear-C, the first large-scale prospective multi-center registered clinical trial for early screening of cancer in China at CSCO, China's authoritative academic gathering on oncology. The data showed that the sensitivity of ColoClear to colorectal cancer and advanced adenoma was 95.5% and 63.5%, respectively, and the overall specificity was 87.1%; the NPV (negative predictive value) for colorectal cancer was 99.6%, and missed detection was avoided to the greatest extent for persons detected to be negative by ColoClear. ColoClear has become a cancer screening product verified in a prospective, large-scale, multi-center registered clinical trial in China. Besides, according to Frost & Sullivan Report, and based on the available public data, ColoClear has demonstrated the best clinical efficacy in the industry worldwide.
On January 15, 2021, ColoClear technology was introduced into the first national cancer screening guidelines in China. The Chinese Journal of Oncology published the Guidelines for Screening, Early Diagnosis and Early Treatment of Colorectal Cancer in China (Beijing, 2020), which clearly recommended the combined detection technology of multi-target faecal FIT-DNA as one of the important means for early screening of colorectal cancer.
Early screening of cancer can realize early detection and early treatment, thus greatly reducing the national medical burden, improving the survival rate and life quality of patients. It enjoys huge market potential and rapid growth. As of September 30, 2020, New Horizon Health has covered 235 physical examination centers, 36 insurance companies, 316 hospitals and clinics, 457 pharmacies, 78 online platforms, more than 1,000 outsourcing sales personnel teams and more than 40 scientific research institutions in about 119 cities in China. In the face of the widespread commercial impact of the COVID-19 outbreak in 2020, New Horizon Health rapidly increased shipments of ColoClear after the outbreak slowed down in 2020 H2. New Horizon Health recorded approximately 61,400 and 162,100 units in 2020 Q3 and 2020 Q4 respectively, increasing by 17.6% and 60.7% YOY over the same period in 2019.
