AFT Pharmaceuticals (ASX:AFP, NZE:AFT) agreed to progress its injectable iron deficiency therapy to phase three trials as part of a new deal with Belgian firm Hyloris Pharmaceuticals, according to Monday filings with the Australian and New Zealand bourses.

It completed phase 2b trials for the therapy. The terms of an original conditional agreement the firm first disclosed in October 2024, call for both parties to secure an exclusive global intellectual property license upon meeting pre-specified conditions.

Hyloris will oversee product formulation, manufacturing, and the coordination of commercialization in Europe. AFT will manage the clinical trials, execution, and commercialization outside Europe.

Phase three clinical trials involving around 1,000 patients will be conducted in the US, Europe, India, and China to investigate the product's efficacy and safety.

Its shares rose almost 1% in early trading on the New Zealand bourse.