(Yicai Global) Nov. 9 -- Fosun Pharmaceutical Group’s stock price surged over 5 percent today on the news that the Covid-19 recombinant protein drug being developed by its US subsidiary has been approved to start Phase One clinical trials in the US. This follows its monoclonal antibody targeted drug receiving a similar approval last month.

The Shanghai-based firm’s stock price [SHA:600196] closed up 4.17 percent at CNY51.51 (USD7.84). It had earlier in the day reached CNY52.15.

California-based Hengenix Biotech will start human testing of the recombinant protein vaccine soon, the drugmaker said at the weekend. The new drug can bind to a spike protein on the surface of the SARS-CoV-2 virus and inhibit the virus from entering human cells.

No protein-binding Covid-19 vaccines have yet been approved for marketing, Fosun Pharma said. Its drug has passed pre-clinical studies and evaluations and is safe for clinical trials, it added.

As of the end of September, Fosun Pharma had invested CNY28.5 million (USD4.3 million) into the research and development of this new drug.

The US has the most cases of Covid-19 in the world and yesterday passed the 10 million mark. It also had the most deaths at 237,488 as of yesterday.

Editor: Kim Taylor