Hutchison China MediTech on the up as it announces positive results from cancer trial

Shares climbed in Hutchison China MediTech on Friday as it announced positive results in a phase three trial with patients with locally advanced or metastatic colorectal cancer.

The AIM-listed pharmaceutical said that it received top-line results from Fresco, its phase three registration trial of Fruquintinib in 416 patients with locally advanced or metastatic colorectal cancer in China, who failed at least two prior chemotherapies, including fluoropyrimidine, oxaliplatin and irinotecan.

The trial demonstrated a clinically meaningful and a statistically significant increase in overall survival , in the intention-to-treat population of patients treated with fruquintinib plus best supportive care compared to patients treated with placebo and best supportive care.

Chi-Med is currently preparing to submit a new drug application for Fruquintinib to the China Food and Drug Administration around mid-2017.

The trial also found that there was an improvement in progression-free survival, a key secondary endpoint.

Chairman Simon To said, "Well over a decade of effort and investment has now paid-off with these compelling phase three top-line results. They reinforce Fruquintinib's potential to address major unmet clinical needs for patients in both China and around the world.

“We believe this is one of the first home-grown, China-discovered and developed, mainstream innovation in the field of oncology to succeed in a pivotal phase three registration trial. It shows that China has the resources, capability and perseverance to emerge as an innovator in the global oncology field. With eight small molecule drug candidates in over 30 clinical studies worldwide, Chi-Med is at the forefront of this important evolution."

Fruquintinib is also in a phase three pivotal trial to assess its effect on non-small cell lung cancer, known as Faluca and a phase two study using Fruquintinib combined with Iressa for patients with advanced or metastatic non-small cell lung cancer in China.

There are other studies in the pipeline for a phase three study in gastric cancer in combination with paclitaxel in China, studies in the US, and exploratory studies in combination with other oncology agents.

Shares in Hutchison China MediTech were up 10.18% to 2,300p at 1009 GMT.