AffaMed Therapeutics (“AffaMed”), a global clinical-stage biopharmaceutical company dedicated to developing and commercializing transformative pharmaceutical, digital and surgical products, announced that it has entered into a strategic partnership agreement with Primal Chemical Co., Ltd. (“Primal Chemical”), a leading end-to-end distributor of medical products, services, and solutions, to market its intraocular lenses (IOL) and DEXTENZA in Hong Kong and Macau.
Mr. Matthew Chow (left), Director of Primal Chemical and Mr. Vijay Karwal, CFO of AffaMed (right) signed the agreement in Hong Kong
According to the agreement, Primal Chemical is entitled to market Extended Depth of Focus (“EDOF”) IOLs (MINI WELL, MINI WELL TORIC, MINI WELL PROXA), the monofocal IOL MINI 4 READY, and DEXTENZA in Hong Kong and Macau through its extensive network. AffaMed will work with Primal Chemical to empower extended capabilities to enable the healthcare institutions and practitioners to provide patients access to more treatment options. DEXTENZA has been recently approved in Macau, China for the treatment of ocular inflammation and pain following ophthalmic surgery.
Dr. Dayao Zhao, CEO of AffaMed, noted: “We are excited to provide access to these IOLs and DEXTENZA for Hong Kong and Macau patients with Primal Chemical, who shares with us the same vision on innovation and client centricity. With this agreement, our team has made a concrete advancement towards our goal on Great Bay Area’s market entry. By combining AffaMed’s clinical expertise and Primal Chemical’s geographical coverage in Hong Kong and Macau, together we will ensure these differentiated solutions and services to better serve the patients’ needs.”
Matthew Chow, Director of Primal Chemical commented: “Primal Chemical has already established a strong footprint in the anesthetics area especially in cataract surgery, and we believe our partnership with AffaMed will further strengthen our offerings in the Ophthalmology area. Our comprehensive new patient program and learnings from the experts in ophthalmology will be ensuring patients are able to access AffaMed products. We look forward to a long-term relationship with AffaMed.”
(From left to right) Mr. Dominic Chu, Associate Director, Corporate Finance, Mr. Vijay P. Karwal, Chief Financial Officer of AffaMed; Mr. Matthew Chow, Director of Primal Chemical, Mr. Andrew Tse, General Manager of Primal Chemical, Mr. Wicks Chung, Associate Director, Commercial, Ophthalmology of AffaMed
DEXTENZA is FDA approved for the treatment of ocular inflammation and pain following ophthalmic surgery and ocular itching associated with allergic conjunctivitis. DEXTENZA is a corticosteroid intracanalicular insert placed in the punctum, a natural opening in the inner portion of the lower eyelid, and into the canaliculus and is designed to deliver dexamethasone to the ocular surface for up to 30 days without preservatives. DEXTENZA resorbs and exits the nasolacrimal system without the need for removal.
In 2020, AffaMed Therapeutics entered into a licensing agreement with Ocular Therapeutix Inc. (NASDAQ: OCUL) for the development and commercialization of DEXTENZA in Greater China, South Korea, and certain ASEAN markets. DEXTENZA has been approved in Macau, China recently for the treatment of ocular inflammation and pain following ophthalmic surgery.
About EDOF IOLs
The extended depth of focus (EDOF) IOLs are a new generation of IOLs and represent the most advanced solutions for cataract refractive surgery. These surgical implants could correct myopia/hyperopia, presbyopia and astigmatism, resulting in spectacle-free uninterrupted high-quality vision at all distances and in all lighting conditions.
AffaMed Technologies is the joint venture established between AffaMed and SIFI S.p.A., a leading international ophthalmology company headquartered in Italy, to develop, manufacture and commercialize IOLs in the Greater China market. AffaMed Technologies has exclusive rights to SIFI’s premium innovative MINI WELL, MINI WELL TORIC and MINI WELL PROXA EDOF IOLs.
About AffaMed Therapeutics
AffaMed Therapeutics is a clinical stage biopharmaceutical company focused on developing and commercializing transformative pharmaceutical, digital and surgical products that address critical unmet medical needs in ophthalmological, neurological and psychiatric disorders for patients in Greater China and around the world. The leadership team at AffaMed Therapeutics has gained deep industry expertise and an extensive track record in high-quality discovery, clinical development, regulatory affairs, business development, manufacturing, and commercial operations at leading multi-national biopharmaceutical companies in China and globally.
About Primal Chemical
Primal Chemical is one of the leading local pharmaceutical agencyship companies in Hong Kong for more than 60 years of history. Our expert teams provide range of services from registration, marketing, promotion, sales and distribution for many multinational companies such Pfizer, CSL Behring, Mitsubishi Tanabe and Aspen etc. Our network covers government & private hospitals, private clinics, pharmacies & chain stores, and trade stores in Hong Kong & Macau.
The company's portfolio of products includes more than 300 SKUs which apply different fields & disciplines of medicine such as: anesthetics (include ophthalmic surgeries), ophthalmology, blood plasma, contraceptives, cardiology, hormones, and immunological.
About Ocular Therapeutix, Inc.
Ocular Therapeutix, Inc. is a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology. Ocular Therapeutix’s first commercial drug product, DEXTENZA, is an FDA-approved corticosteroid for the treatment of ocular inflammation and pain following ophthalmic surgery and ocular itching associated with allergic conjunctivitis. Ocular Therapeutix’s earlier stage development assets include OTX-TKI (axitinib intravitreal implant), currently in Phase 1 clinical trials for the treatment of wet AMD and other retinal diseases. OTX-TIC (travoprost intracameral implant) recently began a Phase 2 clinical trial to evaluate the reduction of intraocular pressure in patients with primary open-angle glaucoma or ocular hypertension. Ocular Therapeutix has also completed Phase 2 clinical trials for OTX-CSI (cyclosporine intracanalicular insert) for the chronic treatment of dry eye disease and OTX-DED (dexamethasone intracanalicular insert) for the short-term treatment of the signs and symptoms of dry eye disease. Ocular Therapeutix's first product, ReSure Sealant, is an FDA-approved device to prevent wound leaks in corneal incisions following cataract surgery.
SIFI is a leading ophthalmic company, headquartered in Italy, focusing on eye care since 1935. SIFI develops, manufactures and markets innovative therapeutic solutions for patients with ophthalmic diseases. SIFI is committed to improve patients’ quality of life through its R&D efforts, exporting products to more than 20 countries worldwide with commercial operations in Italy, Spain, France, Romania, Mexico and Turkey. Since 2015 SIFI is backed by 21 Invest, a private equity firm founded by Alessandro Benetton.