Tee Labs, a biomedical professional incubator, sees its first incubated company, Structure Therapeutics, successfully list on the US Stock Exchange
On February 3, 2023, Structure Therapeutics, an incubated company of Tee Labs—a biopharmaceutical professional incubator located in Zhangjiang, Pudong, Shanghai—was listed on the Nasdaq Stock Market in the United States.
Structure Therapeutics is a clinical-stage global biopharmaceutical company dedicated to developing novel oral therapeutics for a variety of chronic diseases. The company utilizes world-class proprietary technology in structure-based drug discovery, focusing on G protein-coupled receptor (GPCR) targeted therapies to design and develop differentiated small molecule therapeutic drugs. The company’s ticker symbol on Nasdaq is also GPCR, highlighting the founder’s and the company’s leading professional position in the global arena.
Structure Therapeutics was co-founded in 2019 by Dr. Raymond Stevens and Rich Friesner, the founder of the well-known AI-driven pharmaceutical company, Schrödinger. Dr. Stevens is a pioneer in the fields of structure-based drug discovery and structural genomics. He serves as the CEO of Structure Therapeutics and is a successful serial entrepreneur, highly regarded in both the scientific and capital markets.
After three and a half years since its establishment, the company has emerged from a capital winter and was finally listed on Nasdaq on February 3. Structure Therapeutics’ IPO price was set at the top of its range, at $15 per share. Simultaneously, the offering was upsized from 8.95 million shares to 10.74 million shares, raising a total of $161 million. After the listing, the company’s stock price surged by 73.33% on its first day. The pricing, offering size, and first-day performance all indicated the market’s high enthusiasm for the company.
The collaboration between Structure Therapeutics and Tee Labs began in 2021, making it one of the first companies to join Tee Labs upon its establishment. At that time, Structure Therapeutics and its shareholders founded Basecamp Bio. Basecamp Bio targeted membrane protein drug targets, including GPCRs, using cryo-electron microscopy, machine learning, and X-ray crystallography as the foundation for its molecular design. It employed small molecule screening and identification techniques to conduct structure-based drug discovery, feeding the discovered compounds into Structure Therapeutics’ development pipeline. TF Capital, a shareholder of Tee Labs, participated in the investment in both Structure Therapeutics and Basecamp Bio.
Structure Therapeutics and Basecamp Bio officially joined Tee Labs in October 2021. Thanks to the efficient and professional coordination between both parties, preparations were completed in just one week, and the Structure Therapeutics team officially began their experimental work. In February 2022, Basecamp Bio and Structure Therapeutics officially merged. Today, Structure Therapeutics has become the first successfully listed incubated company from Tee Labs.
Tee Labs provided Structure Therapeutics with first-class office and laboratory facilities, equipment, and efficient operational services to support them. It also offered support such as investment and financing matchmaking, management capability training, industry salons, industrial support policy consulting, and team-building activities.
About Tee Labs
Tee Labs is an international community and startup incubator founded by entrepreneurs and venture capitalists, dedicated to helping the development of cutting-edge medical fields such as new drug development, diagnostics, and personalized medicine, including artificial intelligence and digital solutions.
We provide comprehensive support including R&D space, corporate functions, supply service channel integration, and funding, to deeply assist startup teams and accelerate corporate R&D speed. The laboratory is equipped with basic general laboratory equipment and a shared equipment platform, which greatly shortens the preparation stage of startup companies in terms of site and equipment, allowing companies to focus on core R&D work.
The incubator is located in the central area of Zhangjiang Science City, in the park near Zhongke Road subway station on Line 13, close to the Jin Ke Road exit of the Zhong Ke Road. The park is adjacent to research institutions such as ShanghaiTech University, the Shanghai Advanced Research Institute, and the Protein Research Center, belonging to the core area of Zhangjiang Science City’s current development. It is a core block integrating scientific research, life, and transportation.
Currently, Tee Labs has approximately 2,600 square meters of incubation space, of which the experimental area is 1,500 square meters, with chemistry, molecular biology, cell culture, bacterial culture, and BSL-2. Multiple types of experimental spaces can support companies with different R&D directions to carry out experimental work, and also allow early-stage companies to have the option of multifunctional teams working in the same space.
Tee Labs adopts a very flexible cooperation method. Incubated companies can rent according to the number of lab benches and desks based on changes in their personnel, which is especially suitable for startup teams starting from scratch.
