The Zhitong Finance app learned that according to the Hong Kong Stock Exchange on November 30, CLOUDBREAK PHARMA INC. (Call Kang Shiyun) Submitted a listing application to the main board of the Hong Kong Stock Exchange. UBS UBS Group, CCB International, and Huatai International are co-sponsors.

According to the prospectus, Baokang Shiyun is an innovation-driven clinical-stage ophthalmology biotechnology company committed to developing novel and differentiated therapies. At the same time, the company is committed to internal discovery, development and commercialization of first-of-its-kind and best-in-class ophthalmology treatments to meet unmet global medical needs.

In terms of market space, according to the Frost & Sullivan report, the global ophthalmic drug market increased from US$32.4 billion in 2018 to US$38.7 billion in 2022, with a compound annual growth rate of 4.5%. It is expected to reach US$57 billion and US$85.8 billion in 2027 and 2032 respectively, with a compound annual growth rate of 8.1% from 2022 to 2027 and 8.5% from 2027 to 2032. A number of ophthalmic diseases, such as pterygium and vascularized eyelid fissures, lack targeted and accessible drug treatment options, and are a huge underserved market worldwide.

In terms of research and development, Diokang Shiyun has established a broad and innovative pipeline of seven drug candidates, covering major diseases of the front and back of the eye. Among them, there are four clinical drug candidates (i.e. CBT-001, CBT-009, CBT-006, and CBT-004) and three drug candidates in the preclinical stage (i.e. CBT-007, CBT-145, and CBT-011).

Baokang Shiyun said that once approved, CBT-001 and CBT-004 are expected to be the first drugs of their kind in the world to treat pterygium and vascularized eyelid fissures, respectively. According to Frost & Sullivan's report, CBT-001 and CBT-004 are expected to be drugs to solve the problems of patients with pterygium and vascularized eyelid fissures worldwide. It is estimated that by 2032, the number of patients with pterygium and vascularized eyelid fissures will reach 1,077.1 million and 1,283.8 million, respectively. At the same time, once approved, CBT-006 is expected to be the world's first drug of its kind to treat dry eye associated with abnormal meiotic gland function (dry eye associated with abnormal meiotic gland function). Once approved, CBT-009 is expected to be the world's best-in-class drug for myopia in adolescents.

In addition, Diakang Shiyun has developed two proprietary technology platforms, the MKI and ADS platforms, for developing drug candidates for anterior and posterior eye diseases, respectively. The MKI platform and ADS platform each target the development of small molecule drugs and antibody-small molecule drug conjugates. The combination of these two technology platforms provides comprehensive solutions covering a wide range of ophthalmic diseases.

In terms of finance, in 2021, 2022, and 2023 for the six months ending June 30, Qiaokang Shiyun's R&D expenses were approximately US$8.457 million, US$15.29 million, and US$11.947 million respectively; in the same period, the company lost about US$35.398 million, US$66.838 million, and US$56.257 million respectively.

According to Diakang Shiyun's prospectus, the company has risks related to the development, clinical trials, and regulatory approval of drug candidates. A company's success in the foreseeable future will largely depend on successful completion of clinical trials, regulatory approval, and commercialization of drug candidates. Unfavorable clinical trial results, delays or failure to obtain regulatory approval, or unsuccessful commercialization of drug candidates may delay or otherwise impair the ability to generate revenue and seriously damage the company's prospects.