BEIJING, Aug. 26, 2022 /PRNewswire/ -- On August 26, 2022 (Beijing time), Ocumension Therapeutics (1477.HK) released its 2022 interim report. The Company's overall performance remained remarkable despite the fact that the pandemic caused considerable trouble in commercializing its ophthalmic products in the first half of the year. The Company achieved revenue of RMB54.54 million, representing a year-on-year increase of 162.2%; R&D expenses amounted to RMB98.44 million, representing a year-on-year increase of 6.72%; the Company's adjusted total loss was RMB76.85 million, representing a decrease of 29.61% as compared to the same period last year; the Company has cash on hand of approximately RMB1.575 billion. With the commercialization of various products, the Company has formed a virtuous cycle of independent development.
Marketing of core product opened a new chapter for uveitis treatment
Youshiying® (Fluocinolone Intravitreal Implant), a core product of Ocumension, has been officiallly approved for marketing on June 21, 2022. The approval for marketing of Youshiying® was based on real-world study data and corresponding overseas data, and marked a milestone in the history of drug registration in China. As the first new drug in our pipeline approved for marketing, Youshiying® will become a therapeutic drug leading in all aspects in the field of non-infectious uveitis treatment and thus fill the market gaps.
The Company has established an excellent commercialization team with a nationwide coverage, and expected that the commercialization of Youshiying® will be officially launched in the second half of the year. Currently, the Company has planned thorough pre-marketing academic promotion activities for the commercialization of Youshiying®. Through academic idea exchange and case sharing as a part of the activities, the Company has developed the concept of local long-term inflammation management. The Company also engaged in all-around cooperation with commercial insurance companies to provide options to uveitis patients in order to alleviate their payment pressure and financial burden, thus to ensure the efficacy of the drug product by continuous dosing.
Significant increase in number of commercialized products with dominant position in two segments
Ocumension has always been committed to becoming a provider of therapeutic solutions in the field of ophthalmology by building a strong portfolio of products in various segments to provide optimal solutions suitable for patients with different needs.
During the Reporting Period, the Company has entered a series of strategic cooperation arrangements with Viatris China, pursuant to which the Company became the exclusive promoter to promote and market in hospitals nationwide in China three ophthalmic drugs of Viatris, namely Xalatan® (latanoprost eye drops), Xalacom® (latanoprost timolol eye drops) and AZEP® (azelastine hydrochloride eye drops). As Kangwenjuan® (moxifloxacin hydrochloride eye drops), a pipeline product of the Company, obtained the product registration certificate in June 2022, more than ten pipeline products of the Company have been commercialized, which achieved a product matrix with full coverage, thereby developing strong competitive advantages in the fields of anti-allergy and glaucoma.
During the Reporting Period, the Company achieved revenue of RMB54.54 million, representing a year-on-year increase of 162.2%. Currently, the gross profit from sales can cover the selling expenses, thereby truly generating profit for the Company. With an excellent product pipeline and outstanding sales capabilities contributing to the valuable profit-making ability of Ocumension, Ocumension's future prospect for commercialization is promising despite the fact that certain biotech companied under Chapter 18A of the Listing Rules started to cut losses by downsizing their workforce and operating scale.
Source: Ocumension Therapeutics Related Stocks: HongKong:1477