Shanghai Henlius Biotech (HKG:2696) said China's National Medical Products Administration has approved its investigational new drug application for HLX37, a humanised anti-PD-L1 and anti-VEGF bispecific antibody, according to a Monday filing.

Shares of the pharmaceutical company were down nearly 3% in Tuesday morning trade.

HLX37, developed in-house, is intended to treat advanced or metastatic solid tumours by simultaneously blocking PD-L1-mediated immunosuppression and VEGF-driven tumour angiogenesis, the filing said.