The initial Offer Shares under the Hong Kong Public Offering have been significantly over-subscribed. A total of 356,899 valid applications have been received for 20,081,747,000 Offer Shares, which represents approximately 1,895.76 times of the total shares initially available for subscription. Offer Shares in the International Offering were also significantly over-subscribed and there has been an over-allocation of 15,889,500 Offer Shares. The final number of Offer Shares have been reallocated with 52,965,000 Offer Shares in the Hong Kong Public Offering and 52,965,000 Offer Shares in the International Offering.
"Ocumension's IPO marks a significant milestone in our journey to become China's leading ophthalmology platform. We will use these funds to continue expanding our portfolio with innovative new drug assets, whilst developing our manufacturing capabilities and strengthening our commercialization through sales and marketing," said Ye Liu, Chief Executive Officer of Ocumension Therapeutics.
Established in 2017 by 6 Dimensions Capital, Ocumension was founded with the vision to develop a leading, independent ophthalmology platform. In less than three years, the company has expanded its operations with the R&D team having some of the best ophthalmology talent in China, and offices based in Hong Kong, Shanghai and Suzhou. In 2019, Ocumension completed its successful Series A funding round of US $20 million in February and followed this with a successful Series B funding round of US $180 million in June.
Since 2017, Ocumension has established an innovative, comprehensive, and validated portfolio covering all major front- and back-of-eye diseases, making it one of only a few pharmaceutical companies in China with complete coverage. To date, its portfolio contains 16 drug assets, including three that are in or near the commercial stage, and five candidates in preclinical stage in China.
In addition to research and development, Ocumension has positioned itself as the "go to" China partner for global ophthalmic pharmaceutical companies and has a successful track record in licensing innovative drugs from partners such as Eyepoint in the U.S., Nicox in France, and Sanbio and Senju in Japan. The company is also in the process of establishing its own commercialization plan and manufacturing capabilities to ensure ongoing sustainability of the business, including the construction of a new facility in Suzhou, which is expected to be the largest specialized ophthalmic manufacturing facility in China by capacity once completed.
Looking ahead, Ocumension is well-placed to harness the untapped commercial potential of China's ophthalmology market. Eye diseases are common in the country yet treatment rates are low, and the industry is expected to expand from RMB 19.4 billion in 2019 to RMB 40.8 billion in 2024 according to Frost & Sullivan. By building a platform integrating specialized capabilities in each major functionality involved in an ophthalmic drug's development cycle, Ocumension Therapeutics is set to become the leader of China ophthalmology, with a first-mover advantage over future competition.
About Ocumension Therapeutics
Ocumension Therapeutics is a China-based ophthalmic pharmaceutical platform company dedicated to identifying, developing and commercializing first- or best-in-class ophthalmic therapies. The company vision is to provide a world-class pharmaceutical total solution to address significant unmet ophthalmic medical needs in China. Since the inception, Ocumension Therapeutics has focused on building a platform integrating specialized capabilities in each major functionality involved in an ophthalmic drug's development cycle, from research and development, manufacturing to commercialization. Ocumension Therapeutics believes its platform positions it well to achieve leadership in China ophthalmology, with a first-mover advantage over future competitors.
SOURCE Ocumension Therapeutics
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