Zhaoke Ophthalmology Limited (“Zhaoke Ophthalmology” or the “Company”, SEHK: 6622), a leading ophthalmic pharmaceutical company dedicated to the research and development, manufacturing and commercialization of therapies that address significant unmet medical needs, is pleased to announce that its wholly-owned subsidiary, Zhaoke (Hong Kong) Ophthalmology Pharmaceutical Limited, has entered into a distribution and supply agreement for BRIMOCHOL PF (the “Product”), with Kwangdong Pharmaceutical Co., Ltd. (“KDP”), a leading Korea-based company principally engaged in the manufacture and distribution of pharmaceutical products. BRIMOCHOL PF is a potential treatment to correct the loss of near vision associated with presbyopia, which the Company is developing in partnership with the US firm, Visus Therapeutics Inc., a clinical-stage pharmaceutical company.
Under the terms of the agreement, Zhaoke Ophthalmology is entitled to grant exclusive distribution rights for BRIMOCHOL PF to KDP in the Republic of Korea. These include obtaining, on behalf of the Company, the relevant local drug registrations, as well as importing, promoting, distributing, marketing and selling the Product on an exclusive basis. The Company will receive a non-refundable, non-creditable upfront payment, and is eligible to receive additional milestone payments based on certain regulatory achievements, in addition to sales of goods and royalty payments.
Mr. Sung-Won Choi, CEO of Kwangdong Pharmaceutical (left), and Dr. Benjamin Li, Chairman of the Board of Directors, Executive Director and CEO of Zhaoke Ophthalmology (right), have signed the Distribution and Supply Agreement for BRIMOCHOL PF Commercialization in Korea at the signing ceremony held in Nansha, Guangzhou, China on 26 January 2024.
On 25 April 2023, the Company’s US partner, Visus Therapeutics Inc., announced positive topline results from its Phase III pivotal BRIO-I trial of BRIMOCHOL PF. The trial met the pre-specified primary study endpoints agreed upon with the US-FDA and EMA/MHRA, demonstrating the contribution of elements for the once-daily, fixed-dose combination, BRIMOCHOL PF, over both active comparators carbachol and brimonidine monotherapies. BRIMOCHOL PF achieved highly statistically significant near-vision improvements over 8 hours and was well-tolerated.
Dr. Li Xiaoyi (Benjamin), Chairman of the Board, Executive Director and CEO of Zhaoke Ophthalmology, said, “I am proud that we have accomplished our second deal to distribute BRIMOCHOL PF in South Korea, further extending our relationship with KDP in addition to NVK002, our innovative treatment to control myopia progression in children and adolescents. Not only does it mark another significant milestone in the Company’s globalization activities, but it also promises a major step forward in offering a long-acting treatment for millions of Koreans suffering from presbyopia.”
Sung-Won Choi, CEO of Kwangdong Pharmaceutical Co., Ltd., said, “Our growing partnership with Zhaoke Ophthalmology is an important part of our aim to create new value by contributing to the healthy life of our customers. BRIMOCHOL PF has demonstrated enormous potential in clinical trials, and we look forward to offering it as an innovative treatment to presbyopia sufferers throughout South Korea.”
About BRIMOCHOL PF
BRIMOCHOL PF is a pupil-modulating eye drop designed to be a once-daily, preservative-free therapeutic to correct the loss of near vision associated with presbyopia. It is a fixed-dose combination of carbachol (a cholinergic agent) and brimonidine tartrate (an alpha-2 agonist). BRIMOCHOL PF reduces the size of the pupil, resulting in a “pinhole effect” which only allows centrally-focused light rays to enter the eye, thereby sharpening both near and intermediate images.
About Presbyopia
Presbyopia is the loss of near vision associated with aging, making it difficult to perform tasks like reading fine print. It typically begins when adults are in their 40s[1] and becomes almost universal by age 50[2]. Presbyopia impacts billions of people globally[3] with approximately 600 million adults affected in China, South Korea and Southeast Asia[4]. Reading glasses are the most common solution for near-vision correction; however, many people find glasses inconvenient or prefer not to wear them for aesthetic reasons. There are currently no approved presbyopia-correcting therapeutics in China, South Korea or Southeast Asia.
About Kwangdong Pharmaceutical Co., Ltd.
Kwangdong Pharmaceutical (KRX: 009290) is a company focused on the development and commercialization of innovative medicines for the treatment of unmet medical needs. The company has a comprehensive drug portfolio of innovative and generic treatments covering Rx., OTC, and vaccines, and now they are planning to expand its new ophthalmology portfolio over the next few years. With the successive marketing in Rx., OTC, vaccine, and healthcare drink business, the company achieved total sales of over US$800 million in 2022. Alongside its existing original portfolios, the company’s development efforts are focused on innovative ophthalmologic products through its ambitious strategy with partnering global pharmaceutical companies.
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[1] World report on vision. (2019). Retrieved 29 April, 2022, from https://www.who.int/docs/default-source/documents/world-vision-report-post-launch-accessible.pdf?sfvrsn=1b29f0e7_2
[2] Polat, U., Schor, C., Tong, JL. et al. Training the brain to overcome the effect of aging on the human eye. Sci Rep 2, 278 (2012). https://doi.org/10.1038/srep00278
[3] Market Scope, Global Presbyopia-Correcting Surgery Market Report. April 2012.
[4] Visus Therapeutics data on file
