今日，麦科医药港股敲锣！坚持源头创新，终迎时代回响

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上市仪式上，麦科医药董事长王冰博士发表致辞说道：“从A轮融资到今天，整整七年，我们穿越了资本狂热、寒冬洗牌到价值回归的全周期。但无论市场如何起伏，我们始终坚持：源头创新，满足未被满足的临床需求。”

短短几句话，背后是以奋斗实干的长期主义。
 

这七年里，中国创新药经历过高光，也遭遇过寒冬。麦科没有追风口，也未曾在低谷中退缩，而是一步一个脚印，把初心变成了7条临床管线，把差异化的源头创新变成了扎扎实实的临床数据。今天站在港交所的舞台上，就是对这份战略定力最好的回答。

麦科医药选择的赛道——创新药开发，道长且艰。

核心产品MT1013，用于治疗慢性肾病继发性甲状旁腺功能亢进症（CKD-SHPT）。这不是一个备受追捧的热门领域，却是一个有明确临床刚需、现有方案远未满足的领域。II期临床数期间，在与全球主流药物依特卡肽的头对头试验中，MT1013的iPTH\钙\磷综合达标率是依特卡肽的2.5倍，被美国肾脏病学会ASN年会评为"Late Breaking最新突破"——这是全球肾脏病领域最权威的认可之一。

今年4月，MT1013的III期临床已完成全部424名患者入组，预计2028年初实现商业化。与此同时，公司就MT1013与云顶新耀达成独家商业化合作，首付款已付2亿元，里程碑金额最高达10.4亿元——这是产业伙伴对麦科技术路线的高度认可。
 

不止于此。公司核心产品XTL6001是全球首个且唯一在中美均获批临床的GLP-1R/GCGR/MasR三重激动剂。其独特的MasR靶点带来肾脏保护优势，激活该通路可发挥抗炎、抗纤维化及舒张血管等作用，直接作用于慢性肾病进展的关键环节，从而将适应症从减重延伸至慢性肾病合并蛋白尿，补足了GLP-1单靶点药物在肾病获益上的疗效短板。同时，XTL6001兼具减脂、保肌等多重代谢调节功能，为患者提供从体成分优化到靶器官保护的整合治疗方案。
 

截至目前，麦科已有7条管线进入临床，6款实现中美双申报——成为中国进入临床试验阶段数量最多、技术领先的多肽创新药企业。

如果说单个管线是果实，那平台就是育果的土壤。

麦科独有的四大技术平台，是支撑多管线并行推进的底座。不仅保证了研发效率，也保证了管线之间的协同效应。未来，这种平台化能力还将持续释放价值，让创新成为可持续的能力。

At the listing ceremony, Dr. Wang Bing, Chairman of Micot Pharma, said: “From our Series A financing to today, a full seven years have passed. We have navigated the entire cycle—from capital-market exuberance through a funding winter and industry consolidation to a return to value. Yet through every market shift, we have remained committed to original innovation and addressing unmet clinical needs.”

Behind these few words is a long-term commitment built on hard work and execution.

Over the past seven years, China’s innovative drug sector has seen both remarkable highs and difficult downturns. Micot neither chased short-lived trends nor retreated during challenging times. Step by step, it turned its founding vision into seven clinical-stage programs and translated differentiated original innovation into robust clinical data. Today’s listing is the clearest testament to that strategic resolve.

Innovative drug development is a long and demanding path.

Micot’s Core Product, MT1013, is being developed for secondary hyperparathyroidism associated with chronic kidney disease, or CKD-SHPT. Although not a heavily pursued field, it has clear unmet clinical needs that remain inadequately addressed by existing treatments.

In a head-to-head Phase II trial against etelcalcetide, the proportion of patients achieving simultaneous target control of intact parathyroid hormone, serum calcium and serum phosphorus with MT1013 was approximately 2.5 times that with etelcalcetide. The study was selected for the Late-Breaking Presentation at ASN 2025, gaining recognition at one of the world’s leading nephrology meetings.
 

In April 2026, enrollment of all 424 planned patients in the Phase III trial of MT1013 was completed. Commercialization is planned for early 2028, subject to regulatory approval. Micot has also entered into an exclusive commercialization agreement for MT1013 with Everest Medicines. Micot has received an upfront payment of RMB200 million and is eligible for potential regulatory and commercial milestone payments of up to RMB1.04 billion, reflecting strong industry validation of its technology and development strategy.

Micot’s innovation extends beyond MT1013. Another Key Product, XTL6001, is the world’s only clinical-stage GLP-1R/GCGR/MasR triple agonist and has received IND approvals in both China and the United States.

The inclusion of MasR may confer renal-protective benefits. MasR activation has anti-inflammatory, antifibrotic and vasodilatory effects that target key mechanisms of chronic kidney disease progression. This supports the development of XTL6001 beyond weight management into proteinuric CKD, potentially addressing limitations in the renal benefits of single-target GLP-1 therapies.

Preclinical data also indicate the potential for fat loss and muscle preservation, supporting an integrated approach spanning body-composition improvement and target-organ protection.
 

To date, seven Micot drug candidates have entered clinical trials, and six have completed regulatory filings in both China and U.S. jurisdictions. This gives Micot the largest clinical-stage pipeline among Chinese innovative peptide drug companies and a leading position in peptide drug technology.

If individual pipeline programs are the fruit, technology platforms are the soil in which they grow.

Micot’s four proprietary technology platforms underpin the parallel advancement of multiple programs, improving R&D efficiency and enabling synergies across the pipeline. Going forward, these platforms will continue to create value and make innovation a sustainable capability.