SHANGHAI, Nov. 10, 2021 /PRNewswire/ — AffaMed Therapeutics (“AffaMed”), a global clinical-stage therapeutic company dedicated to developing and commercializing transformative pharmaceutical, digital and surgical products that address critical unmet medical needs in ophthalmic, neurological and psychiatric disorders, today announced the establishment of AffaMed Digital. As a wholly owned subsidiary of AffaMed, the new AffaMed Digital will focus on the development and commercialization of evidence-based, clinically validated digital medicines to treat, diagnose, prevent, and/or manage medical disorders or diseases, either as stand-alone novel treatment options, or in concert with other therapies to optimize patient care and health outcomes. Dr. Minji Kim has been appointed as the General Manager of AffaMed Digital, and will report to Dr. Dayao ZHAO, CEO of AffaMed.
“The launch of AffaMed Digital marks a significant advancement for our company, as we establish a dedicated entity to add and integrate the new modality of digital therapeutics and diagnosis systems into our comprehensive portfolio of solutions for ophthalmic, neurological and psychiatric disorders,” Dr. Dayao ZHAO, CEO of AffaMed commented. “AffaMed Digital is the realization of our vision for disruptive innovation, and we are confident of its ability to unlock vast new market potential. Benefiting from its specialized focus and resources, AffaMed Digital will strengthen our ability to deliver results and value for patients from these new innovations.”
“Focused on ophthalmic, neurological and psychiatric disorders, the creation of AffaMed Digital represents a major step in our strategy to add digital solutions to our portfolio and reconfirms our vision to become a global leader in innovation,” said Dr. Minji Kim, General Manager of AffaMed Digital. “I’m thrilled to lead this new endeavor in partnership with our fast growing team of talented professionals in the US and China.”
In September 2021, AffaMed announced a strategic partnership with the Beijing Tiantan Hospital of Capital Medical University and Beijing Infinite Brain Technologies (“IBT”) to collaborate on the clinical development of digital therapy in neurological diseases. Further to this partnership, AffaMed entered into an agreement with IBT to in-license global rights to develop and commercialize novel digital therapeutic programs for the treatment of Post Stroke Cognitive Impairment (PSCI) and other indications. A first Investigator Initiated Trial (IIT) of the treatment candidate in PSCI was launched in October, led by Dr. Yongjun WANG, President of Beijing Tiantan Hospital.
Driven by global technological development, and the growing body of evidence that digital interventions work, peer-reviewed studies demonstrate improved outcomes from digital therapeutics, either alone or in conjunction with conventional protocols, in a broad range of indications, including ADHD, asthma, schizophrenia, and insomnia1. The global digital therapeutics market is expected to grow from $3.53 billion in 2020 to $4.20 billion in 2021 at a compound annual growth rate (CAGR) of 19%. The market is expected to reach $10.62 billion in 2025 at a CAGR of 26.1%2.
1 “The promise of digital therapeutics”, Mckinsey & Company
2 “Digital Therapeutics Global Market Report 2021: COVID-19 Implications and Growth”, ResearchAndMarkets.com
About AffaMed Therapeutics
AffaMed Therapeutics is a clinical stage therapeutic company focused on developing and commercializing transformative pharmaceutical, digital and surgical products that address critical unmet medical needs in ophthalmic, neurological and psychiatric disorders for patients in Greater China and around the world. The leadership team of AffaMed Therapeutics has gained deep industry expertise and an extensive track record in high-quality discovery, clinical development, regulatory affairs, manufacturing, commercial operations, and business development at leading multi-national pharmaceutical companies in China and globally.