(Yicai Global) Nov. 11 -- Shares in Joincare Pharmaceutical Group advanced as much as 4.7 percent today after the Chinese drugmaker said its first self-developed inhaled antibiotic, used for the treatment of respiratory tract infections, has been approved by regulators.

Joincare’s share price [SHA:600380] closed up 0.4 percent at CNY11.91 (USD1.68). Earlier in the day it hit CNY12.42.

This new drug can help to control bacterial infections of the lungs and alleviate symptoms, the Shenzhen-based company said yesterday.

“Joincare spent a decade developing this new drug and its successful launch into the market marks a breakthrough in the R&D of medicines for respiratory diseases,” Chief Scientist Jin Fang said.

Joincare chose to develop this inhaled antibiotic as there is a high prevalence rate of bronchiectasis, which is a permanent enlargement of parts of the airways of the lungs and leads to frequent infections, in China and a lack of effective medicine, he added.

Antibiotics are usually taken orally or intravenously but for sufferers of bronchiectasis, these means of administering medicine have limited efficacy and greater side effects, Jin said.

On the other hand, a nasal spray increases the concentration of the antibiotic in the respiratory tract and also significantly reduces the risk of medicine resistance, meaning it is suitable for long-term treatment, he said.

As drugmakers vie to have their medicines included in the country’s bulk-buy program, many pharma firms are choosing to specialize in novel treatments. Joincare has opted to focus on inhalation-based products. It has 11 such drugs on the market in seven different medical categories and over 30 projects under development, it said.

Joincare logged a 11.6 percent jump in net profit in the first three quarters from the same period last year to CNY1.13 billion (USD158.47 million) while revenue climbed 9 percent to CNY13 billion (USD1.8 billion) , according to its latest financial report. Earnings from its inhaled products more than tripled to CNY862 million (USD121.2 million), accounting for 6 percent of total revenue.

Editors: Tang Shihua, Kim Taylor