New Stock News | Eye Biotechnology Company Bo Kang Vision Cloud Passed the Listing Hearing at the Hong Kong Stock Exchange with a Cumulative Loss of 2.95 Billion US Dollars in Three Years.

According to the disclosure by the Hong Kong Stock Exchange on June 20th, CLOUDBREAK PHARMA INC. (referred to as Cloudbreak) has conducted a listing hearing on the Hong Kong Stock Exchange, with BOCI Securities Limited and Huatai International acting as its joint sponsors. The prospectus reveals that Cloudbreak is a clinical-stage ophthalmic biotechnology company dedicated to developing various therapies. The company has two core products (CBT-001 and CBT-009), both of which are developed in-house. CBT-001 is used for the treatment of pterygium (a benign proliferative eye surface disease) and Phase 3 multi-regional clinical trials are scheduled to start in the US and China in June 2022 and September 2023. CBT-009 is used for the treatment of myopia in adolescents (children and adolescents aged 5 to 19) and completed Phase 1/2 clinical trials in January 2023, with a new drug clinical trial application submitted to the US Food and Drug Administration in July 2024. Other candidate drugs are in relatively early stages of development, including two clinical-stage candidate drugs CBT-006 and CBT-004, and four preclinical-stage candidate drugs CBT-007, CBT-199, CBT-145, and CBT-011. According to a Frost & Sullivan report, there are currently no approved drugs globally for the treatment of pterygium, with surgical excision as the current treatment option. Once CBT-001 is approved, it is expected to become the world's first drug for the treatment of pterygium, controlling the development of pterygium through early non-invasive treatment, thereby reducing or delaying the need for surgical excision. For the core product CBT-009, Cloudbreak has considered pricing for alternative treatments for myopia. Currently, corneal reshaping is a surgery that can help improve refractive errors caused by corneal abnormalities through overnight wear of contact lenses, with costs reaching up to $4,000 depending on examination fees, contact lens fitting fees, and the degree of refractive correction required. Surgical options for myopia include photorefractive keratectomy, laser-assisted in-situ keratomileusis, or phakic intraocular lens implantation. However, these surgeries are not suitable for patients under 18 years of age. Financially, the company incurred a net loss in the past record period. The annual losses for the years 2022, 2023, and 2024 are approximately $67 million, $129 million, and $99 million respectively, with revenues of around $10 million in 2024. As of December 31, 2024, the company maintains a net liability position mainly due to the recognition of convertible redeemable preferred shares issued to investors as liabilities.