Jiangsu Hengrui Pharmaceuticals' (SHA:600276, HKG:1276) unit, Fujian Shengdi Pharmaceutical, received approval from China's National Medical Products Administration to conduct clinical trials on HRS-1596 tablets, according to a Tuesday disclosure on the Shanghai bourse.
The drug will be tested as a weight management product and as a treatment for type 2 diabetes mellitus.
The pharmaceutical company's Hong Kong shares fell 3% and Shanghai shares slipped 1% during the morning trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.