Chi-Med Up 3% on Priority Review for Lung Cancer Drug
Shares of Hutchison China MediTech Ltd. (Nasdaq: HCM) inched nearly 3% higher by midday Tuesday after the company announced that it has received priority review status from the China National Medical Products Administration for its non-small cell lung cancer ("NSCLC") treatment drug.
The drug, called Savolitinib, has become the first new drug application for a selective MET inhibitor in China, according to a statement by the biopharmaceutical firm today.
Since 2011, the company, known in short as Chi-Med, has had a global licensing and commercialization agreement with the U.K.-based prescription medicine developer AstraZeneca PLC (NYSE: AZN) to jointly develop Savolitinib. According to Chi-Med, Savolitinib has been studied in more than 1,000 patients with clinical trials showing "promising clinical efficacy in patients with MET gene alterations in multiple tumor types with an acceptable safety profile."
Currently, the global development plan for Savolitinib includes NSCLC and kidney cancer.
Shares of Chi-Med have risen nearly 8% year-to-date.