China Medical Falls by Record in Hong Kong After Trials
China Medical System Holdings Ltd. (867) fell the most since listing in Hong Kong after the preliminary results of a clinical trial on a liver cancer treatment showed no statistical difference from a placebo in some patient groups.
Shares of the Shenzhen, China-based maker of pharmaceutical products fell as much as 17 percent before trading 9.1 percent lower at HK$9.06 as of 11:11 a.m. in Hong Kong, poised for its biggest drop since listing in September 2010. The city’s benchmark Hang Seng Index rose 0.2 percent.
The company’s phase III clinical trial of the treatment CMS024 showed that its injection had no statistical difference in patients with tumors compared with placebo groups on the parameters of recurrence and survival, it said in a stock exchange filing today. The results indicate that the trial’s focus should be on patients with milder conditions, it said.
The preliminary results showed “favorable trends” in patients who were generally in less serious condition, according to the statement. China Medical will continue working with Kangzhe Pharmaceutical Research & Development (Shenzhen) Ltd., from which it acquired the Chinese patents for CMS024, for the next steps of development of the treatment, with Kangzhe continuing to sponsor trials, according to the filing.
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