Core Viewpoint - The approval of Benovolimod cream (Zelime) in China marks a significant advancement in the treatment of atopic dermatitis for patients aged 2 and above, being the first non-steroidal topical innovative drug globally for this indication, with a notable price and accessibility advantage over the US counterpart, VTAMA [1][4][9] Group 1: Development Background - Benovolimod was discovered in the 1990s by Dr. Chen Genghui during research in Canada, leading to the establishment of a patent shared between Canada and China [4] - Dr. Chen returned to China to establish Tianji Pharmaceutical, while the overseas development rights were acquired by GSK and later sold to Dermavant in the US [4] Group 2: Clinical Trials - Phase III clinical trial results show similar efficacy and safety profiles for both Zelime and VTAMA, with Zelime demonstrating superior efficacy in children aged 7-11 [6] - EASI75 response rates were 54.4% for Zelime and 55.8% for VTAMA, while IGA response rates were 46.2% for Zelime and 45.4% for VTAMA [6] Group 3: Price Comparison - The price of Zelime in China is 980 RMB per tube, while VTAMA costs approximately 1400 USD (around 9800 RMB), making VTAMA about ten times more expensive than Zelime [7] - Even when adjusted for weight, VTAMA remains 2.5 times more expensive than Zelime, significantly reducing the economic burden on Chinese patients [7] Group 4: Patient Feedback - Both Zelime and VTAMA received positive feedback from patients, with Chinese users highlighting its effectiveness in controlling itching and reducing flare-ups, especially for children [8] - American patients reported effective relief from eczema symptoms with VTAMA, despite its high price, as evidenced by sales reaching 20 million USD in the first quarter of 2025 [8] Group 5: Overall Summary - Overall, Zelime offers a more cost-effective and efficient treatment option for atopic dermatitis patients in China compared to VTAMA, benefiting from local development, superior pediatric efficacy, and broader patient acceptance [9]

Core Insights - China Antibody's innovative drug SM17 has shown promising results in a Phase 1b clinical trial for moderate to severe atopic dermatitis (AD), demonstrating significant advantages in itch relief, skin lesion treatment, and safety compared to existing products [1][5][6] Clinical Results - Over 90% of patients treated with high-dose SM17 achieved an NRS-4 response, while over 70% reached an EASI 75 response, and over 40% achieved an IGA 0/1 response [1][5] - No serious adverse events (SAE) or grade 3 and above drug-related adverse events were reported during the trial, indicating a favorable safety profile [4][5] Mechanism of Action - SM17 is a first-in-class humanized IgG4-κ monoclonal antibody targeting the IL-25 receptor, which plays a crucial role in the inflammatory response associated with AD [2][12] - By inhibiting IL-25 binding to its receptors, SM17 effectively reduces downstream inflammatory cytokines, promoting skin repair and reducing inflammation [2][12] Market Potential - The global atopic dermatitis drug market is projected to grow from $13.62 billion in 2023 to $31.44 billion by 2034, highlighting the significant commercial opportunity for effective treatments like SM17 [8][10] - With over 230 million AD patients worldwide, including more than 70 million in China, the demand for effective therapies is substantial [7][10] Competitive Landscape - Current treatments for AD, such as Dupilumab, have limitations, including slow onset and safety concerns, creating an unmet need that SM17 could address [10][11] - The AD treatment market is highly competitive, with a focus on innovative targets; however, SM17's unique mechanism may provide a competitive edge [10][11] Commercialization Strategy - The potential for licensing SM17 to multinational pharmaceutical companies is seen as a key pathway for commercialization, similar to recent high-value deals in the AD space [11][12] - The drug's early safety and efficacy data, along with its novel mechanism, position it as an attractive candidate for partnerships and market entry [12][13]