Changes in Hong Kong stocks | Changfeng Pharmaceutical (02652) surged nearly 24% and plans to allocate about 295 million net shares for clinical development of innovative drug candidates, etc.

The Zhitong Finance App learned that Changfeng Pharmaceutical (02652) surged nearly 24%. As of press release, it had risen 20.83% to HK$18.97, with a turnover of HK$203.367 million.

According to the news, Changfeng Pharmaceutical announced that it plans to place 217.477 million new H shares, which is equivalent to 6.74% of the H shares already issued after the expansion and 5.03% of the total number of issued shares after the expansion, raising about HK$300 million. Of the net amount of approximately $295 million, about 70% was used for the clinical and pre-clinical development of the Group's innovative drug candidates; about 15% was used for CMC research, clinical research, drug delivery device development, registration and regulatory reporting expenses for the global development of the Group's complex inhalation products; and about 15% was used for working capital and general corporate purposes.

In June of this year, Changfeng Pharmaceutical announced that the ICF004 Inhalation Powder Class I New Drug Clinical Trial (IND) application has recently been approved by the China National Drug Administration (NMPA). This product is intended to treat interstitial lung disease (ILD), including but not limited to idiopathic pulmonary fibrosis (IPF) and progressive pulmonary fibrosis (PPF). The IND approval of this product marks the Group's entry into clinical development of an innovative candidate for inhalation, and is an important milestone with long-term strategic significance.