(Yicai Global) Aug. 17 -- CanSino Biologics’ joint patent application for the novel coronavirus vaccine AD5-NCOV has been approved, the State Intellectual Property Office announced today, sending the firm’s stock soaring this morning.

Jointly developed by CanSino Biologics and Chen Wei, an academician with China's Academy of Military Medical Sciences, it is the first Covid-19 patent granted in the country.

The Tianjin-based firm’s shares [HKG:6185] were trading at HKD215.60 (USD 27.80), up 11.83 percent, after the intraday high reached HKD227.80 in a 19.5 percent rise. Its stock in the Star Market [SHA:688185] closed 6.55 percent up at CNY372.50 (USD53.67).

“Thanks to our collaborators and our diligent team, who worked almost around [the] clock since late January to develop this vaccine candidate with sound scientific data to support IND filing,” said Yu Xuefeng, chairman and chief executive when the drug got the nod for phase 1 clinical trial in China in March, adding “Having committed to provide unconditional support to fight against the global pandemic, CanSinoBIO is determined to launch our vaccine product candidate as soon as possible with no compromise on quality and safety.”

‘IND filing’ refers to the US Food and Drug Administration’s expedited approval protocols for promising investigative new drugs.

Editor: Ben Armour