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Everest Medicines, a Hong Kong-listed Chinese biopharmaceutical company, announced on Thursday that the National Medical Products Administration of China has approved its new drug application of Xerava, which is used for the treatment of complicated intra-abdominal infections in adult patients.

The company, which focuses on the development, manufacturing and commercialization of innovative medicines and vaccines, said it plans to commercially launch the medicine in the Chinese mainland in the third quarter this year.

Xerava will be the first product Everest has commercialized in the China mainland.

"We expect to have three or more product approvals from 2023 to 2024. Together with Xerava, these products will help Everest develop into a full commercial-stage company," said Rogers Yongqing Luo, CEO of Everest Medicines.

Xerava has been approved and commercialized in Singapore. It was also approved in Hong Kong and is currently under regulatory review in Taiwan.

Everest Medicines owns exclusive rights to develop and commercialize Xerava in Greater China, South Korea, and certain markets in South East Asia, under a licensing agreement with Tetraphase Pharmaceuticals Inc.

"Xerava, which has broad bacterial spectrum coverage, shows high antibacterial potency in vitro, and has strong antibacterial capabilities against major clinical resistant pathogens diseases," said Wang Minggui, head of the Institute of Antibiotics at Huashan Hospital affiliated to Fudan University.

"Xerava is recommended by guidelines in China and abroad, and its domestic launch will definitely help the treatment of infections by resistant pathogens in China."