拨康视云IPO：尚无商业化产品累亏超20亿 核心产品专利被质疑大部分申明已放弃

Core Viewpoint - The China Securities Regulatory Commission has approved the overseas listing of Bokan Vision on the Hong Kong Stock Exchange, with plans to issue up to 133 million shares. The company is a clinical-stage ophthalmic biotech firm focused on developing therapies for eye diseases [1]. Financial Performance - Bokan Vision has not yet commercialized any products and has been operating at a loss since its inception. The losses from 2021 to June 2024 are reported as $35.398 million, $66.838 million, $129 million, and $52.111 million, respectively. Cumulatively, the losses have reached $309 million as of June 30, 2024, with a loss of approximately $46.874 million in the first half of 2024 alone [1][2]. Product Pipeline - The core products of Bokan Vision include CBT-001 and CBT-009, targeting pterygium and myopia in adolescents, respectively. CBT-001 has entered Phase 3 clinical trials in the US and China, while CBT-009 completed Phase 1/2 trials and is set to submit a new drug application to the FDA in July 2024 [1][6]. Patent and Regulatory Issues - CBT-001 is a modified new drug based on the active ingredient nintedanib, which is already approved for idiopathic pulmonary fibrosis. Bokan Vision holds a patent for using nintedanib to treat pterygium, but there are concerns about potential patent disputes, particularly with competitors like Allgenesis Biotherapeutics [3][4][5]. Commercialization Agreements - Bokan Vision has entered into exclusive commercialization agreements with Yuan Da Pharmaceutical and Santen Pharmaceutical, granting them rights to develop and market CBT-001 in various regions. The company expects to receive significant milestone payments and royalties based on sales [5]. Market Competition - CBT-009 faces intense competition in the myopia treatment market, with several companies already in advanced clinical stages. The efficacy of atropine for myopia control remains controversial, which may impact the product's market acceptance [6][7]. Challenges Ahead - Bokan Vision's lack of commercialization experience and the uncertainties surrounding its patent issues and product efficacy present significant challenges for its future development [7].