Cancer treatment developer Polaris Group (北極星藥業集團) yesterday said it has no plans to exit the nation’s capital markets, even though the local investment environment is becoming increasingly unfavorable to the biotechnology sector.
The comments came after two biotechnology firms announced their plans to delist from the Taipei Exchange’s Emerging Stock Board earlier this month.
Polaris Group is fully focused on developing its product pipeline and its operation is not affected by its peers’ decisions, Polaris Group chief executive officer Wu Bor-wen (吳伯文) told an investors’ conference.
“Delisting from the local capital markets seems to have become fashionable recently, but we have no plans to follow suit,” Wu said.
Confidence in the local biotechnology sector has been waning, as investors have been rocked by a lack of disclosure by companies, as well as extreme volatility in stock prices, Wu said.
Investors should be aware that developers of new drugs can incur lengthy periods of losses during clinical trials before new products gain regulatory approval for commercialization, Wu said
Such developers often cannot provide monthly updates as clinical trials are ongoing, he said, adding that many firms lack the resources to respond to investors’ questions and concerns.
The investor relations department at Polaris Group has been occupied with clarifying concerns from misleading reports and fake news, Wu said.
The company has also made every effort to pacify emotional outbursts over its share price, he added.
The company reported a net loss of NT$421 million (US$14.02 million) for the first half of this year, an improvement from the previous year’s net loss of NT$511 million. Losses per share were NT$2.04.
POOR INTERNAL CONTROLS: Insurance Bureau Director-General Shih Chiung-hwa said the company is expected to get back on track while its chairman is suspended The Financial Supervisory Commission (FSC) yesterday fined Shin Kong Life Insurance Co (新光人壽) NT$27.6 million (US$939,415) for a reckless investment that endangered its solvency, and suspended its chairman Eugene Wu (吳東進) for poor supervision. The penalty is the second-highest in a single case after Nan Shan Life Insurance Co (南山人壽) was fined NT$30 million in September last year and its chairman Du Ying-tzyong (杜英宗) suspended for two years, the commission said. In three rounds of special and regular examinations conducted since last year, the commission found that Shin Kong Life had given too much power to an asset and liability management committee
Sony Corp has cut its estimated Play Station 5 (PS5) production for this fiscal year by 4 million units, down to about 11 million, following production issues with its custom-designed system-on-chip (SOC) for the new console, people familiar with the matter said. The Tokyo-based electronics giant in July boosted orders with suppliers in anticipation of heightened demand for gaming in the holiday season and beyond, as people spend more time at home due to the COVID-19 pandemic. However, the company has come up against manufacturing issues, such as production yields as low as 50 percent for its SOC, which have cut into
HEAVY INVESTMENT: Moody’s affirmed the firm’s ‘Aa3’ rating with a ‘stable’ outlook due to its leading position in the industry and ability to match customer requirements Taiwan Semiconductor Manufacturing Co’s (TSMC, 台積電) revenue this year is expected to increase about 21 percent to NT$1.29 trillion (US$44.01 billion) from NT$1.07 trillion last year, driven by strong demand for advanced 5-nanometer and 7-nanometer chips mainly used in smartphones and high-performance computing devices, a Moody’s Investors Service report on Wednesday said. TSMC’s rate of revenue growth next year is to increase to 7.5 percent, the ratings agency said. The company, which supplies 5-nanometer chips for Apple Inc’s new iPad series, has introduced the advanced chips ahead of its competitors and gained a significant share of the market for the foundry industry’s
O2O BICYCLE SHOW: The Taiwan Bicycle Show next year is to be online to offline, with forums, audio-visual conferences and livestreaming of the offline events Local bicycle makers expect demand to continue outpacing supply due to orders triggered by the COVID-19 pandemic, with some companies seeing orders back up through next year. “Next year is all full in terms of orders. Our lead time on components is one year,” Giant Manufacturing Co Ltd (巨大機械) chairwoman Bonnie Tu (杜綉珍) told a news conference in Taipei organized by the Taiwan External Trade Development Council (TAITRA) to announce next year’s Taipei Cycle Show. The pandemic has reduced bicycle supplies and increased demand around the world, Robert Wu (吳盈進), chairman of KMC (Kuei Meng) International Inc (桂盟國際), one of the world’s