On November 12, 2020, the first patient has completed 3 year enrollment in the Phase III Childhood Atropine for Myopia Progression ("CHAMP") study carried out by Zhaoke (Hong Kong) Ophthalmology Pharmaceutical Limited's ("Zhaoke Hong Kong" or the "Company") licensing partner, Nevakar, Inc. ("Nevakar"). The CHAMP study is conducted to evaluate the safety and efficacy of low-concentration atropine for the reduction of myopia progress. NVK-002 is a proprietary, investigational, preservative-free eye drop administered nightly and intended for patients from 3 to 17 years old. In October 2020, Zhaoke Hong Kong and Nevakar, a U.S.-based biopharmaceutical company developing multiple innovative medications in the ophthalmic and hospital injectable areas, entered into an exclusive licensing agreement for the development, manufacturing and commercialization of NVK-002 in Greater China, South Korea and certain countries in Southeast Asia.

NVK-002 is a preservative-free, novel topical eye treatment for slowing the progression of myopia in children and adolescents and is currently in a Phase III CHAMP study in the U.S. and Europe. The CHAMP trial follows studies conducted in Asia that concluded that low doses of atropine could be used to slow the progression of myopia in children. CHAMP is a 576-subject, randomized, placebo-controlled, double-masked study evaluating the effects of NVK-002 for reduction of myopia progress.  The CHAMP trial has two stages. Stage 1 is a safety and efficacy evaluation phase for a duration of three years. Stage 2 is a randomized cross-over phase of for a duration of one year. With this milestone, the trial remains on-track for a three-year data readout in 2022. If approved, NVK-002 could be the first atropine eye drop for myopia progression control in China.

ABOUT NEVAKAR, INC.

Nevakar, is growing as a fully integrated privately held, late-stage biopharmaceutical company with an extensive portfolio of products in the ophthalmic and injectable areas. Founded in 2015, and headquartered in Bridgewater New Jersey, Nevakar is focused on developing and commercialising innovative products to address unmet medical needs, thereby improving patient care and quality of life. Nevakar is equipped with proven expertise in the development of novel, innovative and proprietary sterile pharmaceutical products to identify, develop, and obtain regulatory approval for its products.