HK Stock Market Move | 3D MEDICINES (01244) fell more than 5% in midday trading, hitting a new low in stock price. The market value has evaporated more than 90% from its peak.

3D MEDICINES (01244) fell more than 5% in intraday trading, hitting a new low of 4.53 Hong Kong dollars since its listing, with its market value evaporating more than 90% from its peak. As of the time of writing, it was down 3.55% at 4.62 Hong Kong dollars with a trading volume of 3.7161 million Hong Kong dollars. On the news front, the US biotech company TRACON recently announced that it will terminate further development of envalumab monoclonal antibody in North American soft tissue sarcoma due to it not meeting its primary endpoints in clinical trials. In 2019, 3D Medicines, Corning Jerrey Pharmaceuticals, and TRACON signed a cooperation agreement to jointly research and develop the monoclonal antibody envalumab under the code name KN035 in North American soft tissue sarcoma clinical development and commercialization. According to the agreement, the rights to envalumab in China are shared by Corning Jerrey, 3D Medicines, and SIMCERE PHARMA. 3D Medicines and Corning Jerrey each enjoy 49% and 51% of the remaining pre-tax profits respectively. The financial report shows that in 2023, the sales revenue of Envita (envalumab, subcutaneous injection PD-L1) was 635 million RMB, a year-on-year increase of 11.9%. As the only product commercialized by the company, this revenue just happens to be the total annual revenue of the company.