HK Stock Market Move | ALEBUND-B(09637) rose nearly 7% in early trading; institutions say AP308 is expected to unlock a broader IgA nephropathy market.

ALEBUND-B(09637) rose nearly 7% in early trading. As of press time, it was up 2.78% at HK$27.4, with a turnover of HK$6.4132 million. On the news front, Alebund Pharmaceuticals recently announced that its engineered recombinant IgA protease AP308 for the treatment of IgA nephropathy has received FDA approval for an investigational new drug application, and the company plans to initiate a first-in-human clinical trial in the near term. According to the company's announcement, AP308 is the first known IgA protease-class IgAN drug candidate approved to enter clinical trials. Huatai previously issued a research report stating, regarding the overseas market potential of AP301 and AP306: the company is expected to reach agreements with leading overseas renal disease CSOs to drive commercial ramp-up of AP301; while R1 is backed by a top US dialysis chain service provider, and we are optimistic about its mature patient network driving commercial ramp-up of AP306; although AP303 and AP308 are still in early-stage clinical development, both molecules are innovative. In particular, if AP308 can be validated to achieve functional cure for IgA nephropathy, it is expected to unlock a broader IgA nephropathy market.