Shares of Innocare (HKEX: 09969) have surged more than 8%. At the time of writing, the stock is up 8.72% to HK$14.2, with a trading turnover of HK$45.1052 million.

The catalyst for the move is an announcement made on July 6. The company reported that the first patient has been dosed with its internally developed novel antibody-drug conjugate, ICP-B208, which targets CDH17.

Developed using Innocare's proprietary ADC technology platform, ICP-B208 is constructed by linking a humanized anti-CDH17 antibody via a protease-cleavable linker to a potent payload also developed in-house. This design is intended to enable precise targeting of tumor cells while minimizing off-target effects.

CDH17 is a member of the cadherin protein family and plays a crucial role in tumor cell proliferation, migration, and metastasis. It is specifically overexpressed in various gastrointestinal solid tumors, including colorectal, gastric, pancreatic, and biliary tract cancers. This has made CDH17 an emerging and highly promising target in the global ADC therapeutic field.

Notably, there are currently no CDH17-targeting ADC drugs approved for marketing anywhere in the world.