Shineco Inc. (NASDAQ: TYHT) stock plunged by 7.49% at the last close while the TYHT stock price declines by 13.59% in the after-hours trading session. Shineco is a holding company that was founded in Delaware in August 1997 and is headquartered in Beijing, China. Shineco manufactures Chinese herbal medicines, organic agricultural produce, and specialty fabrics, among other things, using modern science and biotechnologies.
TYHT stock’ Recent Development
On October 4, 2021, Shineco stated that it has signed into a framework agreement to purchase Beijing Wonner Biotech’s over 51 percent ownership holding for no more than $30 million. The goal is to collaborate on the development of SNG, a natural antidepressant that acts quickly. The ultimate acquisition cost will be decided separately, depending on a third-party evaluation report.
Beijing Wonner is a biotechnology firm that specializes in natural medicine and associated product research and development. It conforms to the idea of fostering progress via innovation and foresight. Its research and development efforts are focused on depression, irritable bowel syndrome, and other immunological metabolic disorders. Beijing Wonner has filed more than 20 patent applications globally, with more than 16 of them granted in China, the United States, and Europe.
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SNG is a refined natural substance derived from Paeoniae Radux Alba, a traditional Chinese medicine. Because of their diverse structures and biological functions, natural products have become a valuable reservoir for novel medicines or lead compounds in drug discovery. As per statistics, natural compounds or their derivatives accounted for 34% of small molecule medicines authorized by the FDA between 1981 and 2010. SNG, an extremely fast antidepressant natural medication created by Beijing Wonner, has made breakthroughs and obtained progressive achievements in biological targeting and mechanism acting study after years of work. SNG’s antidepressant mechanism is discovered to be distinct from standard monoamine medications, and SNG’s potential benefits include fast onset, safety, and cost-effectiveness with low side effects. SNG currently has basic conditions for conducting clinical studies.
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