The US Food and Drug Administration granted Sichuan Kelun-Biotech Biopharmaceutical (HKG:6990) an investigational new drug clearance for its SKB518 drug, according to a Monday filing with the Hong Kong bourse.
The clearance will allow the company to begin clinical studies in the US, the filing said.
SKB518 is indicated for advanced solid tumors, the filing said.
Shares in the drug company rose 6% during late morning trading on Tuesday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.