The Zhitong Finance App learned that Rongchang Biotech (09995) rose nearly 5% in early trading. As of press release, it had risen 4.16% to HK$28.8, with a turnover of HK$21.9629 million.
According to the news, Rongchang Biotech announced that the US Food and Drug Administration (FDA) granted Taitacip (RC18, trade name: Taiai) fast track qualification for the treatment of patients with primary dry syndrome (PSs). At the end of 2023, the FDA approved the Phase III New Drug Clinical Study (IND) application for titacipr to treat patients with pSS.
In addition, Rongchang Biotech announced that the board of directors passed a resolution recommending issuing no more than 707.632 million A shares to no more than 35 specific targets within the general grant limit, which will not exceed 13% of the company's total share capital before the issuance is completed. Proceeds are expected to be no more than RMB 2.55 billion, which will be used for new drug research and development projects.