(Yicai Global) May 16 -- Zhongsheng Pharmaceutical’s shares rose after the Chinese drugmaker received regulatory approval to start clinical trials of its oral Covid-19 treatment.

Zhongsheng Pharma [SHE: 002317] pulled back from a gain of almost 9 percent at the opening today to close 2.5 percent higher at CNY17.97 (USD2.64). The stock has almost doubled in value since the beginning of last November, when the firm began to research and develop innovative Covid-19 drugs.

China’s National Medical Products Administration has approved Zhongsheng Pharma’s application for clinical trials of RAY1216, its oral Covid-19 treatment, the Dongguan-based company announced yesterday. It had applied on May 11.

Pre-clinical studies showed that RAY1216 has high in-vitro inhibitory effects on Covid-19 variants, including delta and omicron, and can subdue the 3CL protease of SARS-CoV-2, the virus that causes the illness. Its inhibitory effects are equivalent to Pfizer’s Paxlovid, which has been authorized for emergency use in both the United States and China.

Editor: Futura Costaglione