The board of directors of Ocumension Therapeutics announced that a phase III clinical trial of the recently in-licensed drug candidate of the Group, OT-702 (LY09004), has been initiated and the first patient dosing has recently been completed in the clinical trial in mainland China. OT-702 (LY09004) was jointly developed by the Group and a subsidiary of Luye Pharma Group Ltd. ("Luye Pharma"), whose shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (the "Stock Exchange") (stock code: 02186), pursuant to a collaboration and exclusive promotion agreement entered on October 30, 2020 (the "Agreement"). OT-702 is a recombinant human vascular endothelial growth factor receptor antibody fusion protein ophthalmic injection (strength 11.12mg (0.278ml)/Vial). As a biosimilar to EYLEA®(aflibercept intraocular injection solution), OT-702 is indicated for the treatment of patients with neovascular wet age-related macular degeneration, macular edema following retinal vein occlusion (RVO), diabetic macular edema (DME), and diabetic retinopathy (DR). As a soluble trapping receptor, OT-702 can bind to cytokines such as VEGF-A, VEGF-B and P1GF, inhibit the downstream signaling pathway of VEGFR, inhibit neovascularization, and reduce vascular permeability, thereby treating pathological neovascularization of the retina and choroid eye diseases. The head-to-head comparison of OT-702 to EYLEA® (aflibercept intraocular injection solution) showed a high degree of similarity in both physical and chemical properties and biological activities. The results of its phase I clinical trial showed that OT-702 has a good safety and tolerability profile without serious adverse reactions. The phase III clinical trial of OT-702 is designed to be a randomized, double-blind, parallel-controlled and multicenter clinical trial to compare the efficacy and safety of OT-702 to EYLEA (aflibercept intraocular injection solution) in the treatment of wet age-related macular degeneration. Pursuant to the Agreement, the Group will jointly develop OT-702 with Luye Pharma in the phase III clinical trial of OT-702. The Group has obtained an exclusive right from Luye Pharma to promote and commercialize OT-702 in mainland China under the Agreement.