BRIEF: Cloudbreak launches $78 million Hong Kong IPO

2592.HK
Newtrend set to make IPO

Ophthalmic biotech company Cloudbreak Pharma Inc. (2592.HK) launched its Hong Kong IPO on Tuesday, aiming to sell 60.58 million shares at HK$10.10 apiece to raise about HK$610 million ($78 million). Share subscriptions will close on June 27, with a trading debut set for July 3.

With a history dating back to 2015, the company has two core self-developed products, CBT-001 and CBT-009. The former, used to treat pterygium, a benign proliferative ocular surface disease, commenced Phase Three multi-regional clinical trials in the U.S. and China in June 2022 and September 2023, respectively.

Cloudbreak recorded no revenue in 2022 or 2023, and booked $10 million in 2024. Its net loss last year stood at $99.13 million, down 23% year-on-year.

By Lau Chi Hang

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