(Yicai) May 14 -- InnoCare Pharma posted a profit in the first quarter of this year for the first time, mainly thanks to a surge in sales of the Chinese firm's core leukemia drug.

Net profit was CNY18 million (USD2.5 million) in the three months ended March 31, compared with a net loss of CNY142.4 million (USD19.7 million) a year earlier, according to the Beijing-based firm's financial report released late yesterday. Revenue surged 130 percent to CNY381.3 million (USD52.8 million).

Income from InnoCare's Orelabrutinib, a Bruton's tyrosine kinase inhibitor primarily used to treat leukemia and lymphoma, soared 89 percent to CNY311 million, the company said.

Due to selling pressure, shares of InnoCare [SHA: 688428] ended down 2.2 percent at CNY19.91 (USD2.76) each in Shanghai today, despite opening up 5 percent. Its Hong Kong-listed stock [HKG: 9969] closed 1.1 percent lower at HKD9.40 (USD1.20), after opening 9.9 percent higher.

China's National Medical Products Administration approved Orelabrutinib in December 2020, with the drug securing its fourth indication for first-line treatment of chronic lymphocytic leukemia/small lymphocytic lymphoma in adults last month. Its previous three indications are included in the national medical insurance reimbursement list.

InnoCare's profit was further bolstered by licensing revenue. In January, the firm and its local partner Keymed Biosciences granted RTW Investments-backed Prolium Bioscience exclusive global rights to a novel antibody-drug conjugate still in clinical trials.

Under the deal, Prolium Bio will make an upfront payment of USD17.5 million, followed by development milestone payments of up to USD502.5 million, with KeyMed and InnoCare to acquire minority stakes in the Delaware-based company, according to the two Chinese firms.

In addition, InnoCare is advancing clinical trials of Orelabrutinib for multiple sclerosis and immune thrombocytopenia while exploring other promising research and development pipelines, global collaborations, and licensing opportunities, it pointed out.

Editor: Martin Kadiev