During the Period, the market of ophthalmic drugs has significantly recovered from COVID-19. The Company has seized such an opportunity and made great progress in market exploration and customer development. The Company achieved operating revenue of
The Group expanded its network of hospitals in the PRC for its ophthalmic drugs, achieving coverage of 9,361 hospitals nationwide, 1,426 of which are Grade III hospitals, with a commercial team of 210 employees.
During the Period, OcuMension maintained its focus on the pilot scale production and validation batch production for its products, such as Emadine, at its
The Company officially commercially launched Youshiying (Fluocinolone intravitreal implant) during the Period, a new drug for the treatment of chronic non-infectious uveitis. Uveitis is a complex eye disease, including but not limited to iritis and iridocyclitis, choroiditis, peripheral inflammation and degeneration of the retina and vascular, retinal pigment epithelium, vitreous body and optic nerve. The disease can cause significant effects on patients. Specifically, each episode of inflammation of uveitis may cause irreversible damage to the patients' intraocular tissues, among which an average number of 46% of patients will eventually develop irreversible visual impairment or blindness. Uveitis is the second most common eye disease in
The Group continued to pursue new opportunities in the ophthalmic market and accelerate its R&D of new clinical drugs. One of the Company's innovative drugs, OT-1001 (0.24% cetirizine hydrochloride eye drop), had its NDA accepted by the CDE and was included in the NMPA's priority review and approval process. Additionally, OcuMension completed the enrollment of patients globally for the phase III clinical trial of OT-101 (0.01% atropine sulfate eye drop), a new drug for slowing down the progression of myopia in children. The application for the phase III clinical trial of OT-101-S (0.01% and 0.05% atropine sulfate eye drops) was also accepted by CDE. OT-101-S is shown to be safe and well-tolerated. With five drug candidates in phase III clinical trials, OcuMension has the largest number of ophthalmic drugs in phase III clinical trials in
In
In addition, the Company initiated the phase II clinical trial for OT-202 (tyrosine kinase inhibitor) in February, a class I innovative drug internally developed by the Company for the treatment of dry eye. The phase I clinical trial was successfully completed in February and demonstrated OT-202 has good safety and tolerability profile in healthy adult subjects. The Company expects to complete the enrollment of subjects for phase II clinical trials in the second half of 2023.
In March, OT-702, a recombinant human vascular endothelial growth factor receptor antibody fusion protein ophthalmic injection, completed the enrollment of all subjects for the phase III clinical trial. The Company will continue phase III clinical trials this year. The Company also continued to advance the real-world study and phase III clinical trials of OT-502 during the Period. The Company expects to organize its data and prepare NDA documents in the second half of this year.
Looking forward to the second half of 2023, the Company will continue developing new products to ensure that at least two new drug candidates enter the registration stage and that it is able to maintain a solid pipeline of products to launch. The Company also expects that the
OcuMension also plans to enhance its efforts to market and promote other drug products, including Xalatan, Xalacom, Betoptic S, Emadine and AZEP, as it strengthens its leading position in the treatment of uveitis, anti-allergy and glaucoma as well as maintain its sales revenue's exponential growth. Meanwhile, the Company will enhance its corporate culture by creating a unique culture to safeguard the sustainable development and growth in the next stage.
Mr. Ye LIU, CEO and Executive Director of Ocumension, said: "Over the past three years, we have made many remarkable achievements. In particular, we successfully developed and marketed our core product OT-401, broadened our product pipeline, built a high-quality production base and actively promoted our products. Going forward, as we uphold our philosophy of "Virtus et Lumen", we will provide comprehensive solutions to patients to protect their eyes and further improve their quality of life. We will also continue to deliver strong results and value for our shareholders and investors, as we strengthen our leading position in the ophthalmology industry."
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