SPH BIOCAD, a joint venture with Shanghai Pharmaceuticals Holding, which is registered in Hong Kong and has a representative office in Shanghai, has received an authorization from the Chinese authorities to conduct clinical studies of a drug that is used in Russia for the treatment of melanoma, prolgolimab, in the fields of cervical cancer and non-small-cell lung cancer.
BIOCAD has been developing prolgolimab since 2013, having invested 737.2 million rubles (more than $10 million) in this project. This drug was registered in Russia in April 2020. SPH Biocad was created two years ago with a capital of $400 million, with an investment of $200.4 million from the Chinese partner which received a 50.1% share of the venture.
According to the representative of the Russian company, the clinical trials will start in the third quarter of 2021 with an investment of $35 million. This is the first company product that is going to be evaluated in clinical studies in China. There are current ongoing evaluations of this drug in Europe (Hungary and Slovakia) with patients being enrolled.