Cloudbreak Pharma Inc. Becomes Hong Kong’s First International Ophthalmic Innovative Drug Company to List on HKEX

On July 3, Cloudbreak Therapeutics was listed on the Main Board of the Hong Kong Stock Exchange.Bell RingingListed, Stock Code:02592.HK, Issue Price 10.10Hong Kong Dollar/share. The market value of this IPO reached 8.473 billion Hong Kong dollars, with net proceeds of approximately 522 million Hong Kong dollars.This not only marks the successful debut of an innovative ophthalmic pharmaceutical company on the capital stage but also rings a bell of hope for millions of patients worldwide who are troubled by ophthalmic diseases. The funds raised from this IPO will accelerate the R&D progress of Cloudbreak Pharma's core product pipeline, especially CBT-001, the world’s first-of-its-kind drug for pterygium, which is expected to rewrite global ophthalmic treatment guidelines.

Figure 1:Dr. Ni Jinsong (second from left), founder of Cloudbreak Pharma, and Mr. Zhu JinQiao (second from right), founder and chairman of Everfront Capital

The listing of Cloudbreak Pharma marks the arrival of a new addition to the Hong Kong stock market.The First Globalized Ophthalmic Innovation Drug Stock. This is also Yifeng Capital's follow-up to Ascentage Pharma (06855.HK) afterwards, the second IPO harvested in 2025.

Let's turn back the clock to 2015, when an innovative seed was quietly sown in Irvine, California. Cloudbreak Pharma, a clinical ophthalmic biotechnology company driven by innovation, with the mission of ensuring that no one is held back by poor eye health, has also established operational offices in mainland China and Hong Kong, China. Ten years of relentless effort have honed Cloudbreak Pharma into a powerful force.Committed to DevelopmentInnovative and Differentiated Therapies,Currently, an extensive and innovative pipeline has been established, including eight drug candidates covering major diseases of the anterior and posterior segments of the eye, with four in clinical stages and four in preclinical stages.

Notably, since Efung Capital invested in Cloudbreak Pharma in 2022, the company's core pipeline R&D has progressed rapidly.Treatment for PterygiumCBT-001, from the early clinical stage to the completion of patient enrollment in the international multicenter Phase III clinical trial; CBT-009 for the treatment of juvenile myopia; CBT-006 for the treatment of dry eye disease and CBT-004 for the treatment of vascularized pinguecula, from the IND stage to the completion of Phase II clinical trials one after another, entering Phase III clinical trials.

CBT-001 is an investigational eye drop treatment with the potential to slow or halt the progression of pterygium. Pterygium, a common chronic inflammatory hyperplastic ocular surface disease, typically occurs in the conjunctiva at the corner of the eye, gradually invading the cornea, causing astigmatism or blocking the pupil, which can lead to decreased vision or even blindness.According to the "World Report on Vision" released by the World Health Organization, the global prevalence of pterygium is10.2%, as high as 33% in rural areas of China.According to relevant literature, the prevalence rate among people aged 40 and above in China is 13.4%, and it continues to increase with age. Currently, there are no specialized drugs for treating pterygium. Clinically, off-label medications such as artificial tears, non-steroidal drugs, and corticosteroid eye drops are primarily used, but existing treatments have not shown definitive efficacy and pose long-term safety risks with prolonged use. Severe cases can be treated surgically, but after performing scleral resection for pterygium,Postoperative recurrence rate is30-80%，Repeated recurrences can lead to symblepharon, affecting ocular motility. It can be said that the treatment of pterygium remains an unmet medical desert.

Figure 2: Pterygium

"In the past, the drug development efforts of global ophthalmic pharmaceutical companies have mainly focused on improving the processes or formulations of approved drugs, rather than discovering new targets or mechanisms of action, resulting in a lack of innovative drugs."Efung CapitalCEOZhu PaiPinpointed the pain points of the industry,"Many ophthalmic diseases globally have no corresponding drugs to control or slow their progression, inevitably leading to surgery once they reach a certain level of severity—this is the case with pterygium."It is precisely based on insights into the industry and research into clinical needs that Edge Capital敏锐ly captured the breakthrough hope brought by Cloudbreak Pharma and its CBT-001.

It is reported that CBT-001 has completed Phase 2 clinical trials in the United States and is currently conducting large-scale global multi-center Phase 3 clinical trials in the United States, China, Australia, New Zealand, and India.According toClinical trial results,CBT-001 Demonstrates Significant Efficacy in Pterygium Treatment: Not Only Does It Effectively Reduce Pterygium Vascularity and Conjunctival Congestion, but It Is Also Well-Tolerated Without Serious Adverse Reactions.

The efficient progress of this series of multinational clinical trials fully demonstratesCloudbreak Pharma: The Core Competitiveness of a Team with Global Vision and Efficient Execution，This also allows Yifeng Capital to maintain sufficient confidence in it. Currently, Cloudbreak Pharma, with its past extensive experience in global ophthalmic new drug development, has accelerated the advancement of key pipelines into the later stages of clinical trials and achieved satisfactory clinical data.

In April 2020, Grand Pharmaceutical released significant news: the company has acquired another globally innovative ophthalmology product, CBT-001, currently under research. The announcement shows:The company total is not more thanRMB 74.5 million obtainedCloudbreak PharmaCloudbreak PharmaCloudbreak PharmaGlobally Innovative Products DevelopedCBT-001 in China, Hong Kong, Macao and Taiwan (“Greater China Region”) exclusive production (including technology transfer) and commercialization rights, with the authorized scope coveringCBT-001 includes all indications, including pterygium.According to the agreement, Grand Pharmaceutical will also have the priority right to cooperate on the rights of other pipeline products under development by Cloudbreak Pharma in the Greater China region. To further strengthen the cooperation,Cloudbreak Pharma also approximatelyA $5.63 million subscription for certain shares of Cloudbreak Pharma Cayman was completed, after which Grand Pharmaceutical holds approximately 6.5% of the shares and obtains one board seat in Cloudbreak Pharma Cayman.

August 2024,Cloudbreak Pharma and Santen Pharmaceutical of JapanCBT-001 signed a cooperation agreement, authorizing Santen Pharmaceuticals to develop, produce, and commercialize in Southeast Asian regions including Japan, South Korea, Vietnam, Thailand, Malaysia, the Philippines, Singapore, and Indonesia.。According to the agreement, Cloudbreak Pharma will obtainTotaling up to$91 million (over 650 million RMB) in upfront and milestone payments. In addition, Cloudbreak Pharma will also obtainDouble-digit percentage of future net product sales, as the royalty for this product.This is not only a recognition of the value of CBT-001, but also a strong bet on the future prospects of Cloudbreak Pharma's overall innovative pipeline.

Cloudbreak Pharma's innovative prowess extends far beyond just CBT-001, as another groundbreaking drug, CBT-004, also demonstrates immense potential.CBT-004 is a topical eye drop formulation, developed byMulti-kinase inhibitor, targeting vascular endothelial growth factor receptors and platelet-derived growth factor receptors, is suitable for the treatment of vascularized pterygium.Pinguecula is a round, pale yellow elevated tissue that grows on the conjunctiva near the cornea. Generally, asymptomatic pinguecula does not require treatment, but its pale yellow color and elevated contour may cause mechanical or tear film-related ocular surface irritation. Cumulative exposure to ultraviolet light is the main cause of pinguecula. When the lesion becomes vascularized or inflamed, it may lead to symptoms such as eye redness, discomfort, pain, foreign body sensation, tearing, and itching. Currently, there are no drug therapies approved by the FDA for vascularized pinguecula.

In September 2023, CBT-004 was submitted to the U.S. FDA and approved for a Phase II clinical study to treat vascularized pinguecula.This clinical trial has been conducted inCompleted in the U.S. in April 2025, preliminary data analysis shows that CBT-004 has excellent ocular safety.As a small-molecule multi-kinase inhibitor, CBT-004 has demonstrated good efficacy and safety in non-clinical pharmacodynamic animal models as well as in animal toxicology studies.

CBT-009 is a unique atropine topical ophthalmic formulation,Indicated for the treatment of juvenile myopia. As a non-aqueous atropine eye drop, CBT-009 differs from aqueous atropine in that it offers higher stability, is preservative-free, and provides greater bioavailability.

CBT-006A new drug for treating dry eye syndrome caused by meibomian gland dysfunctionClinical data shows that CBT-006 can rapidly and significantly improve symptoms, with long-lasting effects after discontinuation and excellent safety. It has currently completed the Phase II clinical trial (CBT-CS102) for the treatment of dry eye disease associated with meibomian gland dysfunction in the United States, and the last subject has successfully completed the trial.

Supporting these breakthrough achievements is Cloudbreak Pharma's independently developed proprietary technology platform.MKI Platform, ADS PlatformThey have respectively established differentiated R&D systems targeting ocular surface diseases and fundus diseases, acting as the company's "innovation engine." This not only continuously generates distinctive R&D pipelines and strengthens technical barriers but also unleashes Cloudbreak Pharma's commercial potential through a scalable R&D model.

From the dedicated research in the lab to the glorious bell-ringing at the Hong Kong Stock Exchange, Cloudbreak Pharma's journey has been inseparable from the firm support and deep empowerment of capital. Since 2018, Cloudbreak Pharma has cumulatively raised funds.HKD 1.13 billion, obtained Grand Pharmaceutical, BOC International,Dinghui BaifuSupported by institutions such asAs an accompanist, Edge CapitalWith Enablers, OnParticipated in its C-round financing with tens of millions of funds in 2022,Witness and boost its critical leap from clinical development to official market launch.

Talking about the logic of investment decision-making,Managing Director of Everfront CapitalZhou QinyongShared: "Our team continuously researches and pays attention to the field of ophthalmic innovative drugs, especially new mechanisms and therapies. After getting in touch with Cloudbreak Pharma, we were deeply attracted by the excellent team led by Dr. Ni."The goal of 'International Ophthalmology Rising Star' is inspiring. After an in-depth understanding of the company's globally pioneering pterygium, fast-acting dry eye syndrome, more comfortable myopia medication and other distinctive pipelines and progress, we quickly advanced the investment cooperation."

However, this journey to go public was full of challenges. Looking back on this process,Innovative drug development requires continuous investment, and before generating commercial revenue, it needs to maintain cash flow through ongoing financing. Cloudbreak Pharma's main products are all dual-filed in the U.S. and China, which results in significantly higher R&D expenses compared to conducting clinical research only in China. Before generating sustained commercial revenue, the company must rely on the capital market.BD Secures Ample Funding.After overcoming numerous challenges and meticulous preparation, Cloudbreak Pharma has now reached this significant milestone of a successful listing, thanks to its solid core values and clear development path.

Looking ahead,Efung CapitalCEO Zhu PaiEmphasis:"As a long-term value investor,Yifeng Capital willAlways committed to the mission of promoting the industrialization of biotechnology achievements. This time, assisting Cloudbreak Pharma in its listing not only confirms YF Capital's strategic judgment on the ophthalmology track but also reflects its investment philosophy of deeply empowering innovative enterprises. In the future, as Cloudbreak Pharma’s core products are gradually launched, China's innovative ophthalmic drugs are expected to occupy an important position in the global market, providing better solutions for patients with eye diseases worldwide.” 

The Hong Kong Stock Market IPO Surge in the First Half of 2025. Wind data shows that since the beginning of this year (as of May 31), the total amount raised through IPOs on the Hong Kong stock market has exceeded 77.6 billion Hong Kong dollars, increasing more than sevenfold compared to the same period last year, and approaching 90% of the total funds raised throughout last year. The listings of Hengrui Medicine and CATL in May were particularly eye-catching—Hengrui Medicine successfully listed on the Hong Kong Stock Exchange, achieving dual listings on both A-shares and H-shares; CATL ushered in a new era for lithium battery companies listing on the Hong Kong stock market, setting the record for the largest IPO of the year. In this wave of Hong Kong listings, innovative biotechnology companies have become the focus of capital attention, among which...Ophthalmology Market is Being Regarded by Investors as"Golden Track", the field of ophthalmic innovative drugs is especially a hotspot for重磅品种.

According to Frost & Sullivan data, the global ophthalmology market as a whole is currently showing characteristics of steady growth and high concentration.Expected toBy 2030, the global ophthalmic drugs market size will reach 73.9 billion US dollars.Under this trend, companies with breakthrough therapies are accelerating the release of value. The listing of Cloudbreak Pharma once again proves that: the continuously expanding track is attracting more and more innovative companies to join, and true clinical value will eventually gain market recognition, and companies dedicated to innovation will surely win long-term returns.

From the high incidence of pterygium in rural areas to the global ophthalmic challenges, the listing of Cloudbreak Pharma signifies much more than just a commercial success. It carries the mission of safeguarding the vision for hundreds of millions of patients. Looking ahead, the proprietary products developed by Cloudbreak Pharma will bring revolutionary treatment breakthroughs to billions of patients worldwide who are plagued by ophthalmic diseases. Edge Capital will continue to support the development of Cloudbreak Pharma, aligning with the company’s global capital and business strategies, and looks forward to witnessing its evolution from the "first international ophthalmic innovative drug stock in Hong Kong" to an "international ophthalmic innovator."