LONDON (ShareCast) - (ShareCast News) - Cancer drug development company Hutchison China Meditech plans to gain approval for its fruquintinib drug as China's first Tyrosine-Kinase inhibitor (TKI), the company said on Monday.
Fruquintinib passed a phase three study in colorectal cancer last year and has been submitted to China's centre for drug evaluation as of June 2017, with approval subject to technical reviews and manufacturing inspections.

Trials using the drug, which inhibits cancer cells' ability to adapt against treatments, for the treatment of gastric cancer and some forms of non-small cell lung cancer are currently underway, while trials for a second TKI named Savolitinib are also underway for the treatment of lung cancer.

Simon To, chairman of Hutchison China Meditech, said: "In our innovation platform, we have progressed our deep portfolio of eight clinical drug candidates, now in active or completing clinical trials in 36 TPPs around the world. Two major milestones were the formal NDA submission for fruquintinib in CRC in China; and the initiation of our first global Phase III registration study of savolitinib in c-MET-driven metastatic PRCC."

Meanwhile, the company also reported its financial results for 2017 on Monday, revealing a 12% increase in revenues to $241.2m compared to the previous year and a net loss of $26.7m compared to a profit of $11.7m.

The loss can largely be attributed to the company's $88m investment in research and development, up 16% on the previous year, as the company proceeds with clinical trials and drug development.

At 31 December, the company holds cash resources of $479.6m including cash and cash equivalents, short term investments and unutilized bank facilities compared to $173.7m at the same point in 2016.

As of 1635 GMT, Hutchison China Meditech's shares were up 2.16% at 5200.00p

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