BRIEF: Cloudbreak launches $78 million Hong Kong 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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