Hutchison China MediTech Ltd (Chi-Med, 和記中國醫療科技), the biotechnology company backed by billionaire Li Ka-shing (李嘉誠), reported positive late-stage results for its drug to treat colorectal cancer, taking the company one step closer to having a home-grown therapy on the market.
The Hong Kong-based company said in a statement yesterday that it is preparing to submit a new drug application for Fruquintinib to the China Food and Drug Administration.
“Our achievement today proves that we’ve established an innovative biopharmaceutical company in China,” Chi-Med chief executive officer Christian Hogg said. “It took us 17 years to get to this point; it’s a huge milestone for our company.”
Majority-owned by CK Hutchison Holdings Ltd (長和集團), Chi-Med was established in 2000. Hogg was its first employee, and the company received more than US$75 million in funding from Li’s organizations between 2000 and 2005.
The company’s Fruquintinib therapy met its main goal of increasing the overall survival rate in patients, it said in the statement.
Fruquintinib can be used in combination with chemotherapy and other targeted treatments like immunotherapy.
A treatment for solid tumors, it works by halting capillary growth between additional blood veins and the tumor.
Over the past decade, Chi-Med has pursued two streams of development, fueled by an additional US$400 million it raised through two initial public offerings and other partnerships, Hogg said.
Over the years, Chi-Med has built up a workforce of 330 scientists and more than 2,000 sales representatives. In the past few years, it has struck partnerships with several multinational corporations, including with AstraZeneca PLC and Nestle SA.
For the compound that produced positive test results yesterday, Chi-Med brought in Eli Lilly & Co as a Chinese commercialization partner in 2013. Under their partnership, Chi-Med retained global commercialization rights (excluding China) and manufacturing rights.
The latest data puts Chi-Med and Lilly closer to receiving Chinese regulatory approval, Hogg said, adding that he is hopeful Fruquintinib could be used to treat colorectal cancer as a third-line treatment by early next year. Third-line therapies are those used when others stop working or are ineffective.
The company also plans to seek US approval and has plans to start development there later this year, Hogg said.
Chi-Med, which has seven other drug candidates in clinical trials around the world, wants to address more types of cancers. The company aims to present the full data set for Fruquintinib at the American Society of Clinical Oncology in June.
“The door is now open,” Hogg said. “It’s just the start of China becoming a force in innovation in the global pharmaceutical industry in the next 20 years.”
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