Shares of biotech company CK Life Sciences soared more than 200% last week on news that the Hong Kong-based firm has made significant headway in a skin cancer drug trial.
The firm — part of major conglomerate CK Hutchison, which was founded by retired billionaire Li Ka-shing — announced on Nov. 6 that its phase three clinical trial produced positive results. Trials showed a lower recurrence rate of 41% for patients on the drug, compared to a group being administered a placebo.It reached an intra-day high of HK$1.34 on Thursday, representing a 277% jump from HK$0.355 at last Tuesday's close. It has since pared some gains and was hovering around HK$0.
"Unlike other biotech companies, we have two streams of revenue to derive to support our R&D programs," he told CNBC in a phone interview last week. "A lot of biotech companies live from hand-to-mouth, because they don't have cash-generating streams." "But people are beginning to take notice that these projects are starting to show some promise," he said, suggesting that the firm is undervalued.
The largest markets for the company's drug would be the United States and Europe, said Yu adding that a third of the world's skincare cancer patients are diagnosed in the U.S.
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