Brainmove Aurora Sprint HKEX
According to the IPO, Entomatic Aurora Medical Technology Co., Ltd. (hereinafter referred to as “Aurorax”) formally filed a prospectus with the Hong Kong Stock Exchange on 8 August 2023, proposing to be listed on the Main Board, with China Corporation and Pujin International acting as joint sponsors.
Founded in 2012, Aurora Brainz is the first company in China to combine brain science with artificial intelligence to develop medical-grade digital therapy products for dementia, and the highest commercialization of digital therapy products for medical-grade dementia in the Chinese market in 2022.
Up to now, Aurora's digital therapy product pipeline covers the evaluation and intervention of various types of cognitive impairment indications — in which Aurora's core product system has commercialized eight indications and is developing another 21 kinds of cognitive disorders, including atrial fibrillation, hypertension, coronary heart disease, Cognitive impairment caused by Parkinson's disease, anxiety, language retardation, cerebral palsy, dyslexia, epilepsy and diabetes.
Specifically, Aurora's core product system is an evidence-based medical-grade digital therapy products based on medical-grade cognitive impairment, is China's first regulatory approved digital therapy product - which combines clinical experience with deep neural network algorithms, used to evaluate patient conditions and mention For individualized digital therapy treatment options.
The bottom layer of this system contains two basic technologies of Aurora Brain, namely virtual human technology and AI technology - virtual human technology can evaluate a large number of patients at the same time, thereby greatly improving the evaluation efficiency of doctors; AI technology makes brain Aurora systems and other products and candidate products to analyze patient information and Diagnosing the patient.
When applied to Aurora's intervention products, Aurora's AI-based task recommendation system uses information collected from patients, including their historical training performance scores and performance details in previous training tasks of varying difficulty, to dynamically adjust the training content to personalize the training course. Intervention. The task recommendation system is intervened by selecting millions of possible module combinations from Aurora's 300+ training module library to design the best training course, activate the appropriate brain area, get the best treatment results.
According to Frost & Sullivan, Aurora's systems occupy the largest market share in China's medical-grade digital therapy products for medical-grade dementia by revenue in 2022. As of the last practicable date, the system has included the provincial medical insurance reimbursement catalog for 30 provinces in China.
In addition to this core product of the system, Aurora has developed three other digital therapy products with cognitive impairment, namely the Basic Cognitive Competency Test Software (“BCAT”) and Cognitive Complementary Screening and Assessment Software (“SAS”), as well as the EU CE marking dementia treatment software (“CE”) in 2022 (““ADHD Software”), and is subject to regulatory approval. As of the last practical date, Aurora Brain has another six product candidates at different stages of preclinical and clinical development.
Aurora is also the first sponsor of the NHS project to help hospitals establish cognitive centers in more than 2,100 public hospitals nationwide and promote the development of China's digital dementia therapy market, according to Sullivan and more. As of the last practical date, Aurora has organized more than 12 training sessions for more than 4,000 medical professionals at more than 800 hospitals in China.
In terms of commercialization. Since helping to set up the first cognitive center at Chaoyang Hospital in September 2020, Brain Aurora has helped build cognitive centers in China for more than 50 hospitals and has served more than 107,000 patients as of the final practical date. In addition to hospitals, Aurora also provides off-hospital cognitive training for individual patients — based on systemic performance, many patients who use their systems to complete treatment choose to continue to use the system at home.
In 2021 and 2022, Aurora's revenue was 230.0 million yuan and 112.91 million yuan respectively, an increase of 391.1%; the first quarter of 2023 revenue increased 981.3% from 97.7 million yuan in 2022 to 1,056.4 million yuan.
Founded to date, Brainstorm has received investments from well-known institutions such as Northern Lights Ventures, Central Gold and others. Prior to the IPO, Northern Lights held more than 10% of shares in Brainpower Aurora. As the largest institutional investor, Deng Feng, the founding managing partner of Northern Lights, was acting as a non-executive director.
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In the prospectus, the net proceeds from IPO will be used to carry out further research and development activities, promote clinical trials with more indications and promote sales and distribution of core product systems; help more hospitals in China to build new cognitive centers; strengthen IA and related technical capabilities; to accelerate the development and commercialization of other product candidates within and outside the existing pipeline; brain science and digital therapy research centres in collaboration with academic institutions and hospitals; and for working capital and other general corporate purposes.
Founded in 2012, Aurora Brainz is the first company in China to combine brain science with artificial intelligence to develop medical-grade digital therapy products for dementia, and the highest commercialization of digital therapy products for medical-grade dementia in the Chinese market in 2022.
Up to now, Aurora's digital therapy product pipeline covers the evaluation and intervention of various types of cognitive impairment indications — in which Aurora's core product system has commercialized eight indications and is developing another 21 kinds of cognitive disorders, including atrial fibrillation, hypertension, coronary heart disease, Cognitive impairment caused by Parkinson's disease, anxiety, language retardation, cerebral palsy, dyslexia, epilepsy and diabetes.
Specifically, Aurora's core product system is an evidence-based medical-grade digital therapy products based on medical-grade cognitive impairment, is China's first regulatory approved digital therapy product - which combines clinical experience with deep neural network algorithms, used to evaluate patient conditions and mention For individualized digital therapy treatment options.
The bottom layer of this system contains two basic technologies of Aurora Brain, namely virtual human technology and AI technology - virtual human technology can evaluate a large number of patients at the same time, thereby greatly improving the evaluation efficiency of doctors; AI technology makes brain Aurora systems and other products and candidate products to analyze patient information and Diagnosing the patient.
When applied to Aurora's intervention products, Aurora's AI-based task recommendation system uses information collected from patients, including their historical training performance scores and performance details in previous training tasks of varying difficulty, to dynamically adjust the training content to personalize the training course. Intervention. The task recommendation system is intervened by selecting millions of possible module combinations from Aurora's 300+ training module library to design the best training course, activate the appropriate brain area, get the best treatment results.
According to Frost & Sullivan, Aurora's systems occupy the largest market share in China's medical-grade digital therapy products for medical-grade dementia by revenue in 2022. As of the last practicable date, the system has included the provincial medical insurance reimbursement catalog for 30 provinces in China.
In addition to this core product of the system, Aurora has developed three other digital therapy products with cognitive impairment, namely the Basic Cognitive Competency Test Software (“BCAT”) and Cognitive Complementary Screening and Assessment Software (“SAS”), as well as the EU CE marking dementia treatment software (“CE”) in 2022 (““ADHD Software”), and is subject to regulatory approval. As of the last practical date, Aurora Brain has another six product candidates at different stages of preclinical and clinical development.
Aurora is also the first sponsor of the NHS project to help hospitals establish cognitive centers in more than 2,100 public hospitals nationwide and promote the development of China's digital dementia therapy market, according to Sullivan and more. As of the last practical date, Aurora has organized more than 12 training sessions for more than 4,000 medical professionals at more than 800 hospitals in China.
In terms of commercialization. Since helping to set up the first cognitive center at Chaoyang Hospital in September 2020, Brain Aurora has helped build cognitive centers in China for more than 50 hospitals and has served more than 107,000 patients as of the final practical date. In addition to hospitals, Aurora also provides off-hospital cognitive training for individual patients — based on systemic performance, many patients who use their systems to complete treatment choose to continue to use the system at home.
In 2021 and 2022, Aurora's revenue was 230.0 million yuan and 112.91 million yuan respectively, an increase of 391.1%; the first quarter of 2023 revenue increased 981.3% from 97.7 million yuan in 2022 to 1,056.4 million yuan.
Founded to date, Brainstorm has received investments from well-known institutions such as Northern Lights Ventures, Central Gold and others. Prior to the IPO, Northern Lights held more than 10% of shares in Brainpower Aurora. As the largest institutional investor, Deng Feng, the founding managing partner of Northern Lights, was acting as a non-executive director.
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In the prospectus, the net proceeds from IPO will be used to carry out further research and development activities, promote clinical trials with more indications and promote sales and distribution of core product systems; help more hospitals in China to build new cognitive centers; strengthen IA and related technical capabilities; to accelerate the development and commercialization of other product candidates within and outside the existing pipeline; brain science and digital therapy research centres in collaboration with academic institutions and hospitals; and for working capital and other general corporate purposes.
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