Cloudbreak Pharma Inc., a Cayman Islands-registered pharmaceutical company, has filed for an initial public offering (IPO) on the Hong Kong Stock Exchange, with key details still under wraps. In 2023, the company reported revenues of USD 880,000 and a net loss of USD 129 million, with research and development (R&D) expenses increasing by 80% year-on-year.
Established in the U.S. in September 2015, Cloudbreak has developed a diverse and innovative pipeline of eight drug candidates targeting major eye diseases, both anterior and posterior segments. Four of these candidates are in clinical stages, while the other four are in pre-clinical development.
The company’s lead products, CBT-001 and CBT-009, are designed to treat pterygium and adolescent myopia, respectively. The other clinical-stage candidates, CBT-006 and CBT-004, target dry eye syndrome and vascularized eyelid fissures associated with meibomian gland dysfunction. The pre-clinical candidates, CBT-007, CBT-145, CBT-199, and CBT-011, are intended for the treatment of glaucoma, presbyopia, diabetes-induced macular edema, and age-related macular degeneration.- Flcube.com
