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D.Western Therapeutics Institute Inc. / Equity Bottom-Up

D.Western Therapeutics Institute Inc. (4576 JP)

<ul><li>According to “Ophthalmology Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030” issued by the Business Research Company in Feb-2021, the global ophthalmology drugs market is expected to grow from $22.03 billion in 2020 to $32.64 billion in 2025 (+8.2% CAGR).</li><li>M&amp;A in this segment has become active in recent years, with global eye care leader Alcon (SIX/NYSE:ALC) acquiring DWTI’s closest rival in the US, Aerie Pharmaceuticals, Inc. in Nov-2022, adding Rhopressa® (similar to DWTI’s GLANATEC®) among others, and Aerie’s development pipeline.</li><li>Over time with progress in execution of the development pipeline, and as part of growth strategy to diversify revenue streams, DWTI’s basic business model of drug discovery and early out-licensing has evolved to include 1) from 2015, in-licensing of later stage development products, 2) from 2018, collaborative drug creation applying DWTI’s technical expertise to assist in joint R&amp;D of products of other firms, and 3) from 2018, extending development of original in-house products beyond early out-licensing as far as proof of concept (PoC) through Phase IIb.</li></ul>

According to “Ophthalmology Drugs Global Market Report 2021: COVID 19 Impact and Recovery to 2030” issued by the Business Research Company in Feb-2021, the global ophthalmology drugs market is expected to grow from $22.03 billion in 2020 to $32.64 billion in 2025 (+8.2% CAGR).M&amp;A in this segment has become active in recent years, with global eye care leader Alcon (SIX/NYSE:ALC) acquiring DWTI’s closest rival in the US, Aerie Pharmaceuticals, Inc. in Nov-2022, adding Rhopressa® (similar to DWTI’s GLANATEC®) among others, and Aerie’s development pipeline.Over time with progress in execution of the development pipeline, and as part of growth strategy to diversify revenue streams, DWTI’s basic business model of drug discovery and early out-licensing has evolved to include 1) from 2015, in-licensing of later stage development products, 2) from 2018, collaborative drug creation applying DWTI’s technical expertise to assist in joint R&amp;D of products of other firms, and 3) from 2018, extending development of original in-house products beyond early out-licensing as far as proof of concept (PoC) through Phase IIb.

D. Western Therapeutics Institute (DWTI) (4576 JP) - 1Q Follow-Up

Japan

D.Western Therapeutics Institute Inc.(DWTI) is a biotechnology (bio-venture) company that focuses on development of new drugs. The Company's focus is on protein kinase inhibitors. DWTI discovers and develops several drugs, such as antiglaucoma, antihypertensive, neuroprotective, antithrombogenic, antiatherosclerosis and anticancer.

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D. Western Therapeutics Institute (DWTI) (4576 JP) - 1Q Follow-Up

Development pipeline is steadily expanding FY23/12 initiatives: conducting H-1337 phase IIb trials in the US, DW-1002 approval/launch in China and...

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