Ocumension to stage HK IPO July 10

Ocumension Therapeutics (1477) announced plans to hold an initial public offering (IPO) of 105,930,000 shares at HKD 13.94 to 15.53 (USD 1.80 to 2.00) per share, for a total of HKD 1.39 billion to HKD 1.55 billion (USD 180 million to 200 million). The IPO is sponsored by Morgan Stanley and Goldman Sachs, and is up for grabs July 10.

Ocumension is an ophthalmology medicine platform incubated by 6 Dimensions Capital in January 2017, with 16 assets covering major anterior and posterior eye diseases. Lead product candidate Yutiq (OT-401) is an innovative intravitreal implant designed to treat chronic non-infectious uveitis involving the posterior segment of the eye, and chronic NIU-PS, an indication lacking standard treatment in China, with sustained release of corticosteroid active ingredients through a single 36-month administration. The product has the green light for Phase III clinical trials in China, and is the first and only 36-month fluocinolone release uveitis therapy approved in the US. The company is building an ophthalmic drugs plant in Suzhou, expected to churn out 455 million doses a year. China’s ophthalmic drug market is estimated to increase from RMB 19.4 billion (USD 2.7 billion) in 2019, to RMB 40.8 billion (USD 5.8 billion) in 2024, citing Frost & Sullivan statistics.

Ocumension is yet to turn a profit, posting RMB 1.33 billion (USD 187 million) in net losses in 2019. The IPO proceeds will go mostly towards research and development of core product OT401 and other drug candidates, acquisition of manufacturing facilities in Suzhou, and working capital.


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