HCM - Hutchmed to focus on late-stage drugs deprioritize early-phase programs

Hutchmed (China) ( NASDAQ: HCM ) on Monday said that it will focus resources on its late-stage and registrational studies, while certain early-stage programs will not be prioritized for internal development.

The company noted the decision was made following an evaluation of its business due to the challenging market conditions affecting the biopharmaceutical sector.

Hutchmed added that it will prioritize its late-stage and registrational studies to focus on bringing these assets through regulatory approval, in particular the global registration of fruquintinib.

On Monday, the company reported that fruquintinib met a main goal in phase 3 trial in Chinese patients with advanced gastric or gastroesophageal junction adenocarcinoma.

The company will also evaluated partnership opportunities for select late-stage assets. Hutchmed will seek potential partnerships to commercialize its assets outside of China.

Hutchmed added that selected early-stage studies will not be prioritized for internal development, and others will be considered as candidates for out-licensing opportunities.

As some related clinical trials wind down, the company remains committed to ethical practices and patient care will continue to be its priority, Hutchmed added.

As part of the strategic shift, Michael Shi, currently executive vice president, Head of Research and Development and chief medical officer, China, will become responsible for clinical development globally.

In addition, Marek Kania, executive vice president, managing director and chief medical officer, International, will be leaving Hutchmed.

HCM +4.46% to 11.47 premarket Nov. 15

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