(Yicai Global) Nov. 17 -- Shares in Nanjing Hicin Pharmaceutical shot up by as much as 19.2 percent today on the news that its Italian subsidiary has been given the go-ahead to conduct clinical trials of its new cancer drug in China.

The Nanjing, Jiangsu province-based firm’s stock price [SHE:300584] closed up 10.9 percent at CNY27.88 (USD4.25). It had earlier reached CNY29.97.

Milan-based Nerviano Medical Services’ new cancer treatment, NMS-03305293, has received the green light from the National Medical Products Administration to begin clinical trials in China, Hicin Pharma said today.

The oral capsules can be used to treat patients with advanced or metastatic breast cancer, ovarian cancer, prostate cancer and pancreatic cancer, it said. There is also the potential to treat tumors of the central nervous system and brain metastasis.

Hicin Pharma bought a 90 percent stake in NMS' parent firm the Nerviano Medical Sciences Group, one of Europe’s largest oncology research and development firms, in 2018 through a specially set up entity. Hicin owns a 18.7 percent stake in the special purpose vehicle, and Hicin’s majority shareholder Cao Yuping holds 31.2 percent.

Editor: Kim Taylor