(Yicai Global) Sept. 2 -- CanSino Biologics has received approval from the Russian Ministry of Health to start Phase Three clinical trials of its novel coronavirus vaccine candidate Ad5-nCoV, the Chinese vaccine maker said today.

The Tianjin-based company will link up with Moscow-based NPO Petrovax Pharm as part of its multi-national efficacy trials for the vaccine, said CanSino. The two parties have already started enrolling volunteers, it added.

The recombinant adenovirus vaccine, co-developed with a team from the Academy of Military Sciences, received the country’s first Covid-19 vaccine patent in August. It has already completed Phase Two clinical trials but needs to complete Phase Three trials in order to go to market.

The Ad5-nCoV vaccine is safe and can trigger an immune response, but it also has a number of side effects, according to the results of the Phase II tests. Nearly three-quarters of those vaccinated had adverse reactions, the results showed.

The firm is moving full speed ahead with vaccine development, capacity building and other preparations to supply the future market, said Chief Financial Officer Wang Jing at the Hong Kong Stock Exchange Biotechnology Summit yesterday.

CanSino is carrying out its Phase Three trials in a number of different countries including Saudi Arabia and Mexico and expects to have preliminary results available in three to six months’ time.

The company had to abandon its plans for clinical trials in Canada after Canadian authorities refused to allow the biotech firm to ship its product there. The news led to many investors cashing out, ending a strong upward trend in its stock price that had lasted nearly nine months.

CanSino’s Hong Kong stock [HKG:6185] closed down 1.83 percent at HKD156 (USD20) today. Its shares on the mainland ended the day up 1.75 percent at CNY263.53 (USD38.60).

Editor: Kim Taylor