(Yicai Global) July 26 -- Chinese regulators have given the go-ahead to Wuxi AppTec to proceed with trials of a new anti-hepatoma drug that the company jointly developed with Cosunter Pharmaceutical.

The drug is said to be a significantly more effective treatment for liver cancer compared with the currently preferred Sorafenib, Cosunter said in a statement, adding that the pair has obtained global intellectual property rights for the medicine.

The new drug, coded GST-HG161, is a specific targeted suppressive drug for Asians with a strong pesticidal effect and target selectivity, as well as a high degree of safety and druggability.

The firms will jointly submit an investigational new drug application to China's Food and Drug Administration and decide on timing to look for financing and overseas development partners.

Wuxi AppTec is a well-known Chinese drug developer, while partner Cosunter is a drug developer focused on liver disease treatment.

Editor: William Clegg