HONG KONG SAR – Media OutReach – 22 March 2021 – The Board of Directors of the Company is pleased to announce the audited consolidated annual results of the Group for the year ended December 31, 2020, together with the comparative figures for year ended December 31, 2019 as follows. These consolidated financial statements of the Group for the Reporting Period have been reviewed by the Audit Committee and audited by the Company’s auditors, Deloitte Touche Tohmatsu.
In this announcement, “we”, “us” and “our” refer to the Company and where the context otherwise requires, the Group. Certain amounts and percentage figures included in this announcement have been subject to rounding adjustments, or have been rounded to one or two decimal places. Any discrepancies in any table, chart or elsewhere between totals and sums of amounts listed therein are due to rounding.
During the Reporting Period, we have increased our drug assets to 17 in our product portfolio with full coverage of front-of-the-eye and back-of-the-eye diseases. Comparing to having only one phase III clinical trial at the time of our Listing, to date, we have further initiated five phase III clinical trails for our relevant drug candidates, and have six ongoing phase III clinical trials in aggregate. Our drug candidates target various ophthalmology fields which require urgent medical treatment, including uveitis, myopia in children, conjunctivitis, glaucoma and wet age-related macular degeneration. Our significant progress in phase III clinical trials also make us a leading company in terms of ophthalmic innovative drugs in China in terms of the number of innovative opthalmic drugs currently in phase III clinical trials registered with CDE.
During the Reporting Period, Hainan Provincial Drug Administration listed OT-401 (fluocinolone intravitreal implant), our Core Product and one of our key drug candidates, in the list of drug real-world study pilot programs (藥品真實世界研究試點名單). It is one of the first batch of pharmaceuticals that have been included drugs in RWS pilot programs. As a result, the commercialization progress of OT-401 is expected to be accelerated.
As of the date of this announcement, we have commenced a phase III clinical trial for OT-101, our self-developed low-concentration atropine, in the United States. We are planning to apply for a multi-regional phase III clinical trial in China and Europe for OT-101, which is expected to be the first international multi-regional phase III clinical trial for low-concentration atropine or its similar pharmaceuticals that includes Chinese population.
During the Reporting Period, we actively promoted OT-401, brimonidine tartrate eye drop, Ou Qin and Kangshu (康姝) and achieved a total sales revenue amounted to RMB13.1 million, representing a year-on-year growth of 6,792.6%, while our gross profit margin was 86.8% for the same year. In January 2021, the amount of monthly sales have reached approximately RMB5.0 million (unaudited). Our quarter-on-quarter compound growth rate is approximately 215.5% since the commercialization of our first drug.
As of December 31, 2020, we had 69 employees in our sales and marketing team with coverage of 267 hospitals nationwide, among which, 53 are Grade III hospitals. Our Company has primarily established a professional promotion team with extensive experience covering nationwide ophthalmology market, which further assists our Company’s commercialized products to penetrate into the hospital market in a swift manner.
As of the date of this announcement, the construction of our Suzhou manufacture site is close to completion. With a designed annual production capacity of 455 million doses, our Suzhou manufacture site is expected to commence pilot production in September 2021 with an aim to further lower product cost and increase sales profit margin.
We recorded adjusted loss and total comprehensive expenses of RMB276.7 million for the year ended December 31, 2020, representing an increase of RMB194.3 million from RMB82.4 million for the year ended December 31, 2019, primarily attributable to the listing expenses of RMB41.1 million as well as an increase in selling and marketing expenses establishing our commercialization infrastructure.
This adjusted loss is arrived at by deducting the IFRS loss and total comprehensive expenses of RMB2,264.9 million (2019: RMB1,325.5 million) from (i) an one-time, non-cash, IFRS fair value adjustments loss of RMB1,694.5 million for our pre-IPO preferred shares, which was subsequently converted to Shares upon Listing, and (ii) the share-based payment expenses of RMB293.6 million.
Our total revenue was RMB13.1 million for the year ended December 31, 2020, representing a significant increase from RMB0.2 million for year ended December 31, 2019, primarily attributable to the revenue generated from the commercialization and marketing of Ou Qin and brimonidine tartrate eye drop in addition to the revenue generated from the sales of OT-401 under the Boao Pilot Program. For the year ended December 31, 2020, our total revenue average quarterly growth rate was 215.5%, despite the impact of COVID-19.
Our gross profit margin, which was 86.8% for the year ended December 31, 2020, slightly decreased as compared with 94.7% for the year ended December 31, 2019. This was primarily due to the diversification of our product mix and was partly offset by lowered cost of existing product.
Our research and development expenses and capitalized development cost amount to RMB355.4 million for the year ended December 31, 2020 representing an increase of 257% from RMB99.5 million for the year ended December 31, 2019. The spending was mainly incurred from the real world study for OT 401 and multiple pivotal phase III clinical trial of our drug candidates, including OT-401, OT-101, OT-702, OT-1001, and OT-301, as well as the increased research needs of our other drug candidates.
As of December 31, 2020, we had approximately RMB2,051.8 million in bank balances and cash, which does not include the gross proceeds of HK$793.8 million from the top-up subscription of new Shares conducted by our Company in January 2021.
We are a China-based ophthalmic pharmaceutical platform company dedicated to identifying, developing and commercializing first- or best-in-class ophthalmic therapies. Our vision is to provide a world-class pharmaceutical total solution to address significant unmet ophthalmic medical needs in China. We believe our platform positions us well to achieve leadership in China ophthalmology, with a first-mover advantage over future competitors. Leveraging our platforms, we have built a strategically designed ophthalmic drug portfolio that is comprehensive, innovative and validated. To date, we had 17 drug assets in our portfolio, covering all major front- and back-of-the-eye diseases. We have five key drug candidates in phase III clinical development stage, which we believe will potentially be first- or best-in-class if approved and have significant near-term revenue potential from as early as 2022. Our product portfolio includes three of the ten ophthalmic drugs approved by the FDA since 2015 that are not yet available in China in any formulation. Additionally, our product portfolio includes three drugs that are in or near the commercial stage.
Stakeholder mapping, analysis, engagement and communication needs to be detailed to avoid business losses or even worse, a crisis. How can you do this effectively to prevent failure? ...
Data-driven business decisions have never been as crucial, especially in this era. MGBF leverages off, technology, experience and market presence to aid businesses in making accurate decisions. ...
MGBF provides comprehensive strategic advice and results-focused solutions to solve clients' problems in business-government relations so they can focus on their core business. ...
A critical business challenge is meeting the right decision-makers and potential buyers through the best channel and platform. How will you improve your business competency? ...
Expanding on the global digital arms race that governments and corporations are engaged in, this full-day forum will see industry leaders speak, and four interactive panel sessions. Event date: 21 March 2023. Contact us to book your seats now!
The threat matrix has evolved to include information warfare, cyberspace incursions, big data and behavioural communications. Business leaders need to be aware of these threats to survive. What are you doing as a key stakeholder?
Corporations and their leadership often face weaponised information attacks in the media. Understanding these advanced business threats is crucial. Recently completed. View proceedings online.
Special session: Cyberwarfare Waged on the Corporate Sector - Lessons from the Russia-Ukraine Crisis. Corporations are in a digital arms race that many don't realise. How does this relate to your organisation?
MGBF In The News
The Malaysia Global Business Forum (MGBF) will be hosting a roundtable on ‘Designing the Future of the Digital Economy’ on 23 February 2023. It is the culmination of the first three MGBF Exclusive Roundtable Series titled ‘The Evolving Threat Matrix in the Digital Economy’ held throughout 2022. According to the […]
The Founding Chairman of the Malaysia Global Business Forum (MGBF), Nordin Abdullah, today spoke on Bernama TV’s leading English talk show, The Brief, hosted by Jessy Chahal, on the topic of a stable political reality and what that means for the Malaysian economy. Nordin said, “The first thing that it […]
More than 1,100 years ago, Muhammad ibn Musa al-Khwarizmi was developing the mathematical formulas that we know today as algorithms which now have become so intertwined with the business fortunes of global media giants and the very fabric of geopolitics. A series of recent high level international reports have revealed […]
KSK Land has been recognised by the Malaysia Global Business Forum (MGBF) for its role in attracting high net-worth individuals to Malaysia post-pandemic. The first challenge in investor attraction is “selling” the country. In the context of Asia, Malaysia is competing with some very established investment destinations. The second […]
Malaysia, in particular Kuala Lumpur, continues to position itself as a regional centre to do business, educate a family and enjoy a global lifestyle. One company, KSK Land, has taken the lead in positioning itself and the city of Kuala Lumpur as a property investment destination for the global citizen […]
The upcoming budget represents an opportunity to build resilience in the critical sectors that will form the backbone of the country’s future-facing economic ambitions. This however needs to be achieved in the context of managing the community sectors most impacted by COVID-19 over the past two years. The Keluarga Malaysia (Malaysian Family) […]
Malaysia Global Business Forum (MGBF) has moved to support the creative economy as the overall economy moves into a recovery phase following the COVID19 pandemic. As a step in the direction of normalcy, the MGBF has agreed to host the art exhibition “I Know You’re Somewhere So Far” by one […]
Congratulations to Datuk Seri Ismail Sabri Yaakob for taking up the mantle of the ninth prime minister of Malaysia. There is nothing normal about the situation; it could not have been scripted but it has kept the spectrum of media, mainstream and social, gripped. The first order of business for […]
In a stirring speech to the nation, President Joseph R. Biden, Jr. stamped his brand of leadership on the presidency, in his first act as the 46th president of the United State of America, it signaled several shifts. Perhaps the weather was foreboding with snow falling before the ceremony that […]
KUALA LUMPUR, 6 July 2022 – As the global economy continues to deal with unprecedented levels of disruption caused by the pandemic and the conflict between Russia and Ukraine, the convergence of energy security and food security issues has become a front-of-mind issue faced by policy makers and consumers alike. […]
KUALA LUMPUR, 23 June 2022 — Malaysia Global Business Forum (MGBF) ties up with scoutAsia to ensure that businesses are equipped with deeper regional insights. The past two years has seen a massive shift in the way businesses are conducted with digitisation, digitalisation and automation continuously being adopted to improve […]
KUALA LUMPUR, 25 May 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting yesterday at the Eastin Hotel Kuala Lumpur. The guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of […]
We live in the age of crisis. At the heart of any crisis is the threat of rapid change. Change too deep or too wide that the current coping mechanisms for an individual, corporation or government are unable to remain resilient. An unwelcome paradigm shift, like the proverbial spider, that […]
The Malaysia Global Business Forum (MGBF) has released a report following the roundtable on ‘Digital Resilience in the Corporate Sector’, which was recently held in Kuala Lumpur. In attendance as guest of honour was Deputy Minister of Communications and Multimedia, Datuk Zahidi Zainul Abidin. The report recommended several critical development […]
Trade and investment delegations will trickle back over the next few months, but the second half of the year should see considerable return of business travellers. It was learnt that over 50 per cent of international business chambers and industry associations surveyed will consider sending exploratory teams to Malaysia during […]
KUALA LUMPUR, 30 March 2022 – The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Digital Resilience in the Corporate Sector’ was held in a hybrid setting yesterday at the Element by Westin Kuala Lumpur. The discussion focused on what business leaders need to understand, to ensure business resilience and […]
The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Addressing Weaponised Information in the Media’ was held in a hybrid setting today at the Hilton Kuala Lumpur. The discussion focused on addressing one of the most relevant threats to businesses in the digital economy – cyber threats causing physical and […]
The current floods that have impacted various parts of the country have given rise to an extensive commentary on the response cycles of various stakeholders. It has in turn led to continued crisis communications and statements in the media by agencies and ministries alike. This binary approach to the discussion […]
The formation of a special Cabinet committee to develop strategic measures to safeguard the economy amid the Covid-19 outbreak shows the Malaysian government is serious about creating a balance between the continued safety of the general population and the survival of the economy. In the global context, as many countries […]