(Yicai) April 3 -- Shares in Baheal Pharma Group surged as much as 10.6 percent today before paring gains after Chinese regulators approved the country’s first Class 1 innovative radiopharmaceutical developed by a local firm, for which the Chinese drugmaker holds the commercialization rights, offering patients a more affordable option for precise tumor detection.

Baheal Pharma’s stock price [SHE: 301015] ended the day down 0.15 percent at CNY25.96 (USD3.77). Earlier in the day it hit CNY28.77.

The 99mTc-3PRGD2 injection, developed by Foshan Ruidi’ao Pharmaceutical, along with its accompanying drug kit, enables precise imaging of tumor blood vessel growth and can be used to help diagnose whether suspected lung cancer patients have lymph node metastasis, Baheal Pharma said yesterday. The Qingdao-based company announced in April last year that it would pay up to CNY50 million (USD7.2 million) in phases to secure the exclusive commercialization rights for the drug after it hits the market.

The injection provides a new option for tumor diagnosis, staging and treatment monitoring using Single Photon Emission Computed Tomography, which is a widely used nuclear medicine imaging technology, alongside existing positron emission tomography imaging technologies, and is expected to significantly improve SPECT’s performance in tumor detection.

China sees over 4.5 million new cancer cases each year, so there is strong demand for diagnostic tools that are accurate, dynamic and cost-effective. Thanks to its simpler preparation process and excellent compatibility with widely available SPECT equipment, the new drug could lower the cost of precise diagnosis and make diagnosis and treatment with nuclear medicine more accessible to patients.

Editor: Kim Taylor