Essex Bio

completed

Founded in year 1990 and listed on the Hong Kong Growth Enterprise Market in 2001, Essex Bio-Technology Co Ltd. (“Essex” or “the company”) is a market leader engaged in the development, manufacturing and sales of biopharmaceutical drugs based on basic fibroblast growth factor (“bFGF”) technology. The principal activities of the company, which is headquartered in Zhuhai, Guangdong Province in China, are the manufacture and sale of biopharmaceutical products for the treatment and healing of surface wounds and eye wounds. Essex is also engaged in the research and development of new bFGF products as well as other ophthalmic pharmaceutical projects.At present the company operates one manufacturing plant which was commissioned in 2014 and subsequently certified against the national requirements for good manufacturing practices for drugs (GMP, China Food and Drug Administration). The operational process of Essex includes; (i) production of pure bFGF (including adding of bFGF gene into express vector, cloning, activating, culturing, fermenting, bacterium breaking and purifying); and (ii) production of bFGF series drugs (dissolving and sterilizing of supplementary materials; mixing with bFGF, and bottling of products into sterilized bottles).Essex has developed a strong drug distribution network in China with 39 regional sales offices (the company typically rents small offices in commercial centers for purposes of the sales office). In addition, Essex increases its product portfolio and revenue through obtaining distribution rights from other companies including Pfizer and Elektron. Essex is also actively seeking investment opportunities for technological advances or to increase its product pipeline. IFC is considering a convertible loan of up to $ 19.3 million to be used for working capital financing of Essex. The proceeds of the loan will be used for general working capital requirements as well as to support strategic investments and capacity increase of the biopharmaceutical business.