China Medical System Holdings Limited (CMS) announced on 15 July 2026 that the National Medical Products Administration has issued a Drug Clinical Trial Approval Notice authorising Phase I–III studies of its self-developed oral small-molecule complement factor B inhibitor, CMS-D017, in patients with age-related macular degeneration (AMD).

CMS-D017 targets complement factor B, the core enzyme of the alternative complement pathway. By blocking factor B, the candidate is designed to prevent downstream membrane-attack-complex formation, aiming to slow disease progression driven by complement overactivation—a key pathogenic mechanism in AMD. Pre-clinical work has shown favourable efficacy and safety profiles, according to the company.

The commercial need is significant: global AMD prevalence is projected to reach 288 million by 2040, while 20.20% of China’s population aged 70 and above is estimated to be affected. Present therapies focus on intravitreal anti-VEGF injections for neovascular AMD, leaving early-to-intermediate disease and geographic atrophy with limited disease-modifying options. As an oral agent, CMS-D017 could offer a more convenient alternative if ultimately approved.

Within the Group’s ophthalmology platform, CMS Vision, CMS-D017 is expected to complement the marketed biologics Beovu (brolucizumab) and Lucentis (ranibizumab), as well as Augentropfen Stulln Mono Eye Drops, broadening CMS’s portfolio across fundus diseases, asthenopia and glaucoma.

The compound had previously received NMPA clearance in January 2026 for paroxysmal nocturnal haemoglobinuria and in February 2026 for complement-mediated kidney diseases. Development plans also contemplate additional indications such as myasthenia gravis. CMS stated it is preparing to commence the newly authorised AMD trials and will update stakeholders as progress is made.

Investors are advised to exercise caution when dealing in CMS securities.