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NEW YORK (TheStreet) -- Aoxing Pharmaceutical (AXN) shares are up by 24.46% to $1.73 in late morning trading on Monday, after the biopharmaceutical company announced positive results from its clinical study on its opioid dependency sublingual tablet treatment candidate Buprenorphine/Naloxone.

The registrational clinical study was conducted to evaluate the safety and efficacy of the tablets. The company is looking to gain final regulatory clearance from the China Food and Drug Administration.

"We are very excited and encouraged by the progress of our Buprenorphine/Naloxone sublingual tablets program, which could be the first such therapy available in [the] Chinese market for treating opioid dependence patients," said CEO Zhenjiang Yue.

Previously, the company announced that it has been granted certification as a High and New Technology Enterprise by Chinese drug regulatory agencies, making it eligible for a 15% preferential corporate income tax rate, rather than the standard 25% rate.

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"We are pleased to receive the certification of High and New Technology Enterprise. This is a testament to our continued dedication to research and technology development, and an acknowledgment of our portfolio of patents and intellectual property. The preferential tax treatment will allow the Company to further amplify profitability as we launch new products," Yue said.

AXN data by YCharts

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