Ocumension Therapeutics, a biopharmaceutical company based in China and listed on the Hong Kong Stock Exchange (HKG: 1477), has declared its intent to proceed with a share repurchase program, targeting 10% of the total issued shares, excluding treasury shares. This initiative, which is not to exceed HKD 200 million, is underpinned by the company’s confidence in its value and a commitment to protecting investors’ rights.
The company’s rationale for the repurchase is rooted in the robust health of its assets, the seamless expansion of its business operations, and the advancement of product research and development, all complemented by robust cash flow. Ocumension’s commercialization efforts for its core products have yielded substantial outcomes, with a 61.6% year-on-year increase in sales revenue to RMB 168 million in the first half of 2024 and a continued reduction in adjusted losses.
In the pipeline, OT-1001, a groundbreaking drug for allergic conjunctivitis, is nearing marketing approval in China. OT-702, an aflibercept biosimilar, is in the regulatory approval phase, while OT-502, a dexamethasone implant, is being prepared for clinical filing. Bolstering its position further, Ocumension has entered into a strategic partnership with Alcon Laboratories Inc., a US-based firm, securing the research, development, manufacturing, and commercialization rights for several of Alcon’s market-ready products and one clinical-stage candidate within the Chinese market. Alcon is set to become a significant shareholder of Ocumension.- Flcube.com
