Company loss narrowed sharply by 96%
Business Income Increased By More Than 26 Times Year-on-Year
Core Product OT-401 Approval Imminent
HONG KONG, Aug. 21, 2021 /PRNewswire/ -- The Chinese ophthalmology platform company, Ocumension Therapeutics ("Ocumension" or the "Company", together with its subsidiaries, the "Group" , stock code: 1477.HK), announced its interim results for the 6 months ended 30 June 2021 (the "Reporting Period").
The Company recorded a loss for the period of RMB69.6 million, representing a decrease of 96.0%, from a loss of RMB1,742 million for the corresponding period in 2020. The significant decline in loss was due to recognizing a one-time loss caused by the change in the fair value of preferred shares before the IPO in the same period last year. The Company's revenue from the hospital terminal sales was more than double the full year revenue in 2020 at RMB27.74 million, representing a year-on-year increase of 2,644.7%. The number of commercialization teams increased steadily with the rapid breakthrough in hospital coverage. The company also laid a solid foundation for the commercialization of OT-401. Additionally, in the first half of the year, the company recorded a one-time investment income of more than RMB100 million through its strategic investment in Eyepoint and Alimera. The Group maintained a good cooperative relationship with its partners, made use of its strengths as an ophthalmic platform company and utilized its comprehensive ophthalmic resources to enhance the company's development. The Company achieved RMB245 million of R&D spending, representing an increase of 186.8%. During the first half of the year, the company entered phase III clinical trials for five drug candidates, achieving the leading position for clinical trials among the innovative ophthalmic pharmaceutical companies in China. The Company expects one new drug to be approved every year starting in 2022.
Ocumension core product OT-401 (fluocinolone intravitreal implant) entered the final stage as it closes in on crossing the finishing line. In April 2021, the NDA of OT-401 was officially accepted by the CDE. OT-401 also became the first innovative drug in China's history of drug registration that uses only real world data for NDA application, which is a revolutionary improvement from the existing treatment for uveitis. Recently, Ocumension OT-502 was approved for pilot sales and a real world study making it an innovative pharmaceutical enterprise with the largest range of real-world research pilots in China. It is expected to reshape the valuation system of Ocumension R&D pipeline and comprehensively accelerate the commercialization of pipeline products.
The Company's core product, OT-101 (0.01% atropine sulfate eye drop) accelerated its development in the first half of this year as phase III clinical trials were successively conducted in the United States, China and the United Kingdom. It is also the world's first international multi-regional phase III clinical trial (MRCT) for low-concentration atropine for myopia progression and its analogs that includes the Chinese population. As the hottest commodity of ophthalmic drug innovation, Ocumension uses the unique low-concentration atropine eye drops to manage myopia progression. It is consistent with the hospital preparation formulation on prescription craft and is the only conducted international multi-regional phase III clinical trials in China. The Company is confidence in research and development strength.
Ocumension disclosed hospital terminal sales' revenue for its two existing commercial products in the first half of the year, which increased by more than 26 times compared to the same period of prior year demonstrating an outstanding performance. The market expansion strongly advanced as the Company covers more than 800 hospitals and expects the commercialization team to reach 150 people by the end of year.
With strong pipeline development and rapid commercial layout, Ocumension has become a powerful force that cannot be ignored in ophthalmic innovation. With the commercialization of its core product OT-401 expected in the near-term, Ocumension is in the position to surprise investors.
About Ocumension Therapeutics
Ocumension Therapeutics is a Chinese ophthalmology platform company dedicated to identifying, developing and commercializing pioneering or best-in-class ophthalmic therapies. The company's vision is to provide world-class drug solutions to meet the huge demand for ophthalmology treatments in China. We believe that our ophthalmology platform with obvious first-mover advantage will give us a leading position in the ophthalmology industry in China. Up to now, the company has 17 kinds of drug assets in front of the eye and back of the eye, and has established a complete ophthalmic drug product line, four of which have entered phase III clinical trials in China. On July 10, 2020, Ocumension listed on the main board of the Stock Exchange of Hong Kong Limited (stock code: 01477).
More information about Ocumension Therapeutics: https://www.ocumension.com/
This press release is published by Porda Havas International Finance Communications Group on behalf of Ocumension Therapeutics.