LUYE PHARMA (02186) rose nearly 3% in morning trading. At the time of writing, the stock was up 2.52%, trading at HK$2.85, with a turnover of HK$53.236 million.

The increase follows a recent announcement by the company that the first patient has been enrolled in the Phase II clinical trial in China for its self-developed innovative drug, LY03020. LY03020 is the world's first dual-target agonist acting on Trace Amine-Associated Receptor 1 (TAAR1) and 5-Hydroxytryptamine 2C Receptor (5-HT2CR). It is targeted for treating schizophrenia, psychotic disorders associated with Alzheimer's disease, and bipolar disorder.

The Phase II clinical trial being conducted in China is a multicenter, randomized, double-blind, parallel-group, placebo-controlled, fixed-dose study. It aims to evaluate the efficacy, safety, and pharmacokinetic profile of LY03020 in patients with acute schizophrenia and to explore the effective dosage range.

Previously, LY03020 also received approval to commence clinical trials in the United States. It represents another innovative drug in the central nervous system (CNS) therapeutic area being developed concurrently by the group in both China and overseas markets.