Too much sun exposure isn’t just harmful to your skin.
Cloudbreak Pharma is targeting pterygium, an ocular disease also known as “surfer’s eye,” caused by exposure to high levels of ultraviolet radiation.
Pterygium is a growth of fleshy tissue extending from the corner of the eye to the cornea, impairing vision if it covers the pupil. The Irvine-based ophthalmic drug company is developing eyedrops for early-stage pterygium that are in Phase 3 of clinical trials.
Its previous Phase 2 study showed positive results for reducing lesion growth and eye redness associated with pterygium.
“We know at this point surgery is the only option,” Chief Executive Jinsong Ni told the Business Journal. “This study tells us there is a big gap between what is needed and available treatment.”
If approved by the Food and Drug Administration, the eyedrops would be the first disease-modifying topical treatment for pterygium, according to the company.
Cloudbreak Pharma is creating more products in its pipelines for other common eye diseases, including myopia and pinguecula.
Allergan Ties
A recent survey from the company involving 60 patients found that there was a need for a non-surgical option for pterygium.
There are more than two million doctor visits for pterygium, but only 250 of those lead to surgery due to concerns about the risks associated with invasive procedures, according to results of the survey.
“Surgeries very successfully remove [pterygium], but just having surgery doesn’t rule out the possibility of recurrence,” Chief Medical Officer Abu Abraham told the Business Journal.
Ni founded Cloudbreak Pharma in 2015 after serving as a scientific director for 15 years at Allergan, which was acquired by Actavis PLC, now part of AbbVie Inc. (NYSE: ABBV), for nearly $70 billion. During his tenure at Allergan, Ni supported the launch of ocular and dermal products such as the Lumigan eye drops and Tazorac topical cream.
HK IPO
Cloudbreak Pharma is based in Irvine with two research and development centers in Guangzhou, China and offices in Hong Kong.
The company in May announced that it has submitted an application to list on the Stock Exchange of Hong Kong. UBS AG, CCB International and Huatai International Financial are sponsors of the initial public offering, according to the announcement.
Cloudbreak has raised over $160 million to date from previous seed funding, Series A and Series B rounds.
“We’re trying our best to do a high-quality clinical trial and quickly bring the product to the market,” Ni said.
