26th Jan 2016 15:37
LONDON (Alliance News) - Taihua PLC said Tuesday it has received the renewal of its drug production permit in China, meaning it can now resume selling some of its products.
Just last Thursday, the company had warned that the issue of the drug production permit had been delayed due to "longer than expected procedures", meaning sales of some of its products had to remain suspended.
However, now that this permit has been issued, regulatory restrictions on the company's manufacture and sale of traditional Chinese medicines and homoharringtonine have been lifted. Homoharringtonine, otherwise known as omacetaxine mepesuccinate, is a pharmaceutical drug substance that is indicated for treatment of chronic myeloid leukemia.
The company said does not expect this short delay to have had "any impact" on its businesses. It now plans to attempt to recover more market share in homoharringtonine in China, as well as continuing to expand distribution of its traditional Chinese medicine products.
Shares in Taihua jumped 77% following the news, rising to 2.21 pence Tuesday afternoon, though still less than half their 52-week high of 4.50p.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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