(Yicai Global) Oct. 26 -- The China Food and Drug Administration has approved Shandong-based Cisen Pharmaceutical Co. [SHA:603367] to conduct clinical trials for its anti-tumor drug, which can be used to treat advanced tumor patients, including those suffering breast, colon and ovarian cancer, the company said.                                              

The drug, which the company pumped CNY19.75 million (USD2.97 million) into, is an exclusive chemical medicine, the statement added.

Cisen completed research on the drug in November 2016, and now with the green light from the CFDA, will run clinical trials over three phases before applying for regulatory permission to produce and market the medicine commercially.

Global sales of anti-tumor drugs reached USD78.9 billion in 2015, making up 8.27 percent of all drug sales. The figure grew at a compound annual growth rate of 7.61 percent from 2008 through 2015, surpassing the average growth of all drug sales, the company said in its statement.