Shares of Ascletis Pharma Inc. rose after the Chinese drugmaker said it is seeking permission to test a Covid-19 drug in the U.S.
The Hong Kong-listed stock was 5.4% higher at 4.08 Hong Kong dollars midday, taking year-to-date gains to 24%.
The Chinese company said Wednesday that it has filed an investigational new drug application for its oral drug ASC10 with the U.S. Food and Drug Administration. Approval of the filing would pave the way for Ascletis to begin clinical trials of the drug in the U.S.
The filing "will accelerate Ascletis's global multicenter clinical studies on ASC10 and better position its oral drug pipeline of Covid-19," the company said.
In preclinical studies, the drug has shown "excellent in vitro antiviral activity against multiple SARS-CoV-2 virus variants including Omicron," Ascletis said in a stock-exchange filing.
Ascletis, which has a similar application under way in China, said it retains full global rights for the drug's development and commercialization.
The drugmaker posted a 199.0 million yuan ($29.6 million) net loss in 2021. Its revenue more than doubled to CNY76.9 million last year.
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