(Yicai Global) April 6 -- Shares of Kintor Pharmaceutical surged more than three times in value after the Chinese medical firm said its oral Covid-19 drug works.

Kintor's stock price [HKG: 9939] jumped to HKD46 (USD5.90) intraday. The shares fell back to HKD30.1 at 3.20 pm, still more than doubling for the day.

Proxalutamide has lowered hospitalization and mortality rates among third-phase clinical trial participants with high-risk factors, the Suzhou-based company said in a statement today. From day three to day 28, the course of treatment has resulted in reduced symptoms of fever, cough, and shortness of breath, it added.

The results are surprising. On Dec. 27, Kintor revealed its interim trial results, showing that the last phase of tests had failed to yield satisfactory outcomes. The firm's stock price plunged by 70 percent the next day. The phase-three trial was kicked off with more than 730 participants a year ago. More than 99 percent of the people were in the United States as of Dec. 24, 2021.

There are other oral Covid-19 drugs on the market. In February, Chinese authorities approved Pfizer's Paxlovid to be imported to the Asian country. At least eight regions and municipalities, including Shanghai and Guangdong province, have started giving the medicine to patients.

Founded in 2009, Kintor has not obtained approval to sell its products yet. The firm develops treatments for androgen-receptor-related diseases including cancer and acne. Last year, the company made CNY34.2 million (USD5.4 million) in revenue due to licensing deals regarding Proxalutamide, according to its earnings report. Its net loss was CNY842.1 million (USD132.2 million).

Editor: Emmi Laine, Xiao Yi