FAST NEWS: Brii Bioscience shares rise on favorable hepatitis B data
The latest: Brii Biosciences Ltd. (2137.HK) said Wednesday that a study for its BRII-179 product to treat hepatitis B has shown favorable results in inducing functional immune responses.
Looking up: The company said it will continue to evaluate this drug candidate to provide the highest functional cure rate for the 290 million people worldwide who are chronically infected with the hepatitis B virus.
Take Note: As the drug is only in Phase Two clinical studies, there is still a long way to go before it can be commercialized and provide revenue.
Digging Deeper: Brii was founded in 2017 and had yet to see any of its drugs approved for sale at the time of its Hong Kong listing in 2021. In July last year, the company, together with Beijing Tsinghua University and the Shenzhen People’s Hospital, co-developed a Covid-neutralizing antibody therapy, the amubarvimab/romlusevimab combination, giving a big lift to its share price at that time. But the therapy failed to generate big sales as the epidemic eased, with the company’s revenue rising only 10.7% to 159 million yuan ($21.7 million) last year. As the hype faded, the company’s stock plummeted more than 80% from last year’s high.
Market Reaction: After opening 16.2% higher, Brii’s shares gave back most of those gains on Thursday morning and closed up 5.5% at HK$2.87 by the midday break. The stock now trades at the lower end of its 52-week range.
Translation by A. Au
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