Shares of INNOCARE (09969) climbed more than 5% during intraday trading, last up 5.32% at HK$14.26, with turnover reaching HK$22.59 million. The rally follows the company's announcement via its official WeChat account that its self-developed bispecific antibody-drug conjugate (ADC) targeting PSMA and STEAP1, designated ICP-B381, has received clinical trial approval from the Center for Drug Evaluation (CDE) of China's National Medical Products Administration (NMPA) for the treatment of prostate cancer and other solid tumors. This marks the company's first bispecific ADC to enter clinical development and its third ADC innovative drug to reach the clinical stage. PSMA and STEAP1 are significantly overexpressed on prostate cancer cells, making them highly promising therapeutic targets for prostate cancer, particularly metastatic castration-resistant prostate cancer (mCRPC). Currently, no bispecific ADC targeting both PSMA and STEAP1 has been approved for market globally. ICP-B381 is the inaugural bispecific ADC developed from INNOCARE's proprietary ADC platform, constructed by conjugating a humanized anti-PSMA/STEAP1 antibody with the company's independently developed next-generation irreversible linker and a potent payload. Preclinical studies have demonstrated strong, dose-dependent antitumor activity of ICP-B381 in the 22Rv1 human prostate cancer xenograft model. At equivalent administered doses, its efficacy surpassed that of corresponding single-target PSMA-ADC and STEAP1-ADC comparators, while exhibiting a favorable tolerability profile.