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Ascentage Pharma Rises 10% in First Trading Session after IPO

publication date: Oct 29, 2019

On its first day of trading following a Hong Kong IPO, Ascentage Pharma of Suzhou rose as much as 57% from its IPO price, but settled back to a 10% gain at the end of the session. The price increase brings Ascentage's market cap to $1 billion. The company plans to use 42% of the $53 million IPO to support its lead drug, HQP1351, which targets BCR-ABL-mutations in chronic myeloid leukemia patients who are resistant to existing therapies. HQP1351 is in China Phase II trials and was recently approved to start a US Phase Ib trial as well. More details....

Stock Symbol: (HK: 6855)

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