Shanghai Junshi Biosciences (HKG:1877, SHA:688180) said its cancer therapy toripalimab met the main goal of a phase 3 study in lung cancer, according to a Tuesday filing with the Hong Kong bourse.

The company's shares fell over 3% in late morning trade Wednesday.

Based on the final analysis of the trial, the drug met the primary endpoints of event-free survival and major pathological response in subjects with stage II-III non-small cell lung cancer, the firm said.

The company now plans to seek regulatory approval to expand the drug's coverage from perioperative treatment of patients with resectable stage III non-small cell lung cancer to those with stage II-III of the disease.