Cloudbreak Pharma Inc., a Cayman Island-registered ophthalmology biotech company, has filed for an initial public offering (IPO) on the Hong Kong Stock Exchange, with major details undisclosed at this stage. This marks the company’s third attempt to go public, following previous efforts in November 2023 and May 2024.
Innovative Pipeline in Ophthalmology
Cloudbreak boasts a broad and innovative pipeline consisting of eight drug candidates that address major diseases affecting the front and back of the eyes. Four of these candidates are at clinical stages, with the remaining four in pre-clinical development. The company’s core products, CBT-001 at Phase III and CBT-009, are designed to treat pterygium and adolescent myopia, respectively. Adolescent myopia specifically targets children and adolescents aged 5 to 19. Additionally, clinical stage candidate drugs CBT-006 and CBT-004 are intended for the treatment of dry eye and vascularized eyelid fissures related to meibomian gland dysfunction.
Pre-Clinical Candidates and Their Applications
The pre-clinical candidate drugs, CBT-007, CBT-145, CBT-199, and CBT-011, are respectively applicable to the treatment of glaucoma, presbyopia, diabetes-induced macular edema, and age-related macular lesions. These conditions cover a wide range of eye diseases, highlighting Cloudbreak’s commitment to advancing ophthalmic care.
Financial Performance in 2024
During the first half of 2024, Cloudbreak recorded a loss of USD 52.11 million and R&D expenses of USD 22.49 million. These figures provide insight into the company’s financial trajectory as it prepares for its potential public listing.-Fineline Info & Tech
