Live News • Jul 22
Alebund Pharmaceuticals Reaches Phase IIb Milestone With First Dosing in Global AP306 Trial Alebund Pharmaceuticals (Jiangsu) reported that the first participant has been randomized and dosed in its global Phase IIb multi-regional clinical trial of AP306 for hyperphosphatemia in patients on maintenance hemodialysis, with sites in the US and China and R1 Therapeutics as co-sponsor.
The trial moves AP306, described as a first-in-class oral pan-phosphate transporter inhibitor licensed globally to Alebund, into a more advanced clinical stage, which could be important for the company’s pipeline and future partnering options if results are supportive.
Alebund Pharmaceuticals’ shares last traded at HK$29.16, with the stock down 36.6% year to date, so pipeline progress such as this Phase IIb step may draw attention to clinical execution rather than recent share price performance.
The main read-through is that Alebund Pharmaceuticals is progressing its lead asset into a more expensive and complex phase of development, which brings both the opportunity of value from positive data and the clear risk that disappointing outcomes would weigh more heavily on the stock. Announcement • Jul 21
Alebund Pharmaceuticals (Jiangsu) Limited Randomizes and Doses First Participant in Global Phase IIb Multi-Regional Clinical Trial of AP306 for Hyperphosphatemia in Patients Receiving Maintenance Hemodialysis Alebund Pharmaceuticals (Jiangsu) Limited announced that the first participant has been randomized and dosed in the global Phase IIb multi-regional clinical trial of AP306 in patients with hyperphosphatemia receiving maintenance hemodialysis (ClinicalTrials.gov identifier: NCT06712654). The Phase IIb Trial is being conducted at multiple clinical sites in the United States and China. The Phase IIb Trial is a multicenter, randomized, double-blind, placebo-controlled study designed to evaluate the safety, tolerability, and serum phosphate-lowering effect of fixed-dose AP306 in patients with hyperphosphatemia receiving maintenance hemodialysis. The Phase IIb Trial plans to enroll approximately 168 participants and randomize them across six fixed-dose AP306 regimens and placebo over an eight-week treatment period. The primary endpoint is the change in serum phosphate from baseline to the end of treatment, and the secondary endpoints include the proportion of participants reaching the target phosphate range and the time to phosphate control. Topline results of the Phase IIb Trial are expected in the first half of 2027. AP306 (formerly known as EOS789) is a first-in-class oral pan-phosphate transporter inhibitor in development for hyperphosphatemia in patients with chronic kidney disease receiving dialysis. AP306 inhibits three key intestinal phosphate transporters, NaPi-IIb, PiT-1, and PiT-2. AP306 was originally discovered by Chugai Pharmaceutical Co. Ltd. and was subsequently licensed to Alebund Pharmaceuticals (Jiangsu) Limited, which has obtained the global rights to develop, manufacture and commercialize AP306. The National Medical Products Administration granted Breakthrough Therapy Designation to AP306 in June 2024. In the completed Phase II clinical trial in China (ClinicalTrials.gov identifier: NCT05764590), AP306 monotherapy demonstrated a mean serum phosphate reduction of 2.51 mg/dL, greater than the 1.08 mg/dL reduction with the active comparator sevelamer carbonate, with nearly 95% of patients having their serum phosphate levels controlled at less than 5.5 mg/dL by Weeks 7 to 8, compared with approximately 50% in the sevelamer carbonate group over the same period. The most common adverse events were gastrointestinal disorders, mainly diarrhea, all of which were Grade 1/2 and mostly resolved within two weeks. No serious adverse events were reported in the AP306 group, and the discontinuation rate due to adverse events was less than 5%. The results of this trial were published in Kidney International Reports (2025;10:1143-1151). R1 Therapeutics Inc. is a clinical-stage biopharmaceutical company focused on developing first-in-class therapies for patients with kidney disease. Under the collaboration and license agreement entered into by Alebund Pharmaceuticals (Jiangsu) Limited and R1 Therapeutics Inc. in December 2025, Alebund Pharmaceuticals (Jiangsu) Limited granted R1 Therapeutics Inc. an exclusive license to develop, manufacture, and commercialize AP306 outside the Chinese Mainland, Hong Kong, Macau, and Taiwan. Alebund Pharmaceuticals (Jiangsu) Limited retains full rights and control over AP306 in those four markets. Alebund Pharmaceuticals (Jiangsu) Limited and R1 Therapeutics Inc. are co-sponsors of the Phase IIb Trial. Each party is responsible for clinical trial execution and regulatory submissions in its respective territory and provides the other party with relevant data and support required for regulatory purposes. Live News • Jun 30
Alebund Pharmaceuticals Surges on Hong Kong Debut After Oversubscribed Global Offering Alebund Pharmaceuticals (Jiangsu) listed on the Main Board of the Hong Kong Stock Exchange under ticker 9637, following a global offering that was oversubscribed, with cornerstone investors taking nearly half of the offered shares.
The company focuses on kidney disease treatments and reports having one of the broadest clinical pipelines in the renal space, with IPO proceeds earmarked to fund clinical development and commercialization efforts.
Alebund Pharmaceuticals last traded at HK$46.00, with the stock up 103.5% over the past day, highlighting strong early trading interest following its debut.
The heavy cornerstone participation and oversubscription indicate notable institutional and retail appetite for Alebund Pharmaceuticals’ renal pipeline. However, the company’s concentrated exposure to a single therapeutic area and reliance on future clinical and regulatory progress remain key execution risks to monitor. 
