Key points
- Imugene share price soared 5% on the back of European patent approval
- This is further intellectual protection for the company’s HER-Vaxx immunotherapy
- Today’s news follows recent South Korean patent award
Imugene Limited (ASX: IMU) shares were on the move at the open this morning, soaring 5% to 30 cents before quickly retreating in the first hour of trading.
At the time of writing, the Imugene share price is down 1.75% to 28 cents apiece. It’s worth noting that Imugene was heavily sold off in the past week, with the share price falling by roughly 20%.
Let’s take a look at the news that the immuno-oncology company released this morning.
Imugene achieves another ‘important milestone’
Investors initially bid the Imugene share price up today, following a positive announcement and a rebound across the ASX.
The All Ordinaries (ASX: XAO) is travelling 0.4% higher to 7,146 points, after spending this week deep in the red.
According to the Imugene release, management advised it has received a notice of grant from the European Patent Office. This is in relation to the company’s HER-Vaxx immunotherapy, which is in development for HER-2 positive gastric cancer.
Earlier this month, Imugene also secured patent approval from the South Korean Intellectual Property Office for the same therapy.
HER-Vaxx immunotherapy is a B-cell activating immunotherapy. The therapy treats tumours that over-express the HER-2/neu receptor. Imugene is designing HER-Vaxx to treat gastric, breast, ovarian, lung, and pancreatic cancers.
This patent approval in a major oncology market is a key step in protecting the company’s intellectual property.
The patent protects the method of composition and method of use of Imugene’s HER-Vaxx immunotherapy for 15 years.
Imugene managing director and CEO, Leslie Chong said:
Attaining the key European patent is an important milestone and is another major pharmaceutical market to grant patent protection for HER-Vaxx until 2036.
Imugene share price summary
It has been a solid 12 months for Imugene investors, with the company’s share price jumping 156%. The share price reached an all-time high of 62.5 cents in November before embarking on a downhill trend.
Imugene presides a market capitalisation of roughly $1.65 billion with approximately 5.81 billion shares on issue.
The post Why the Imugene (ASX:IMU) share price advanced 5% on market open appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX shares today
- Imugene (ASX:IMU) share price backtracks 7% despite milestone update
- These are the 5 best performing ASX shares of 2021
- Why did Pro Medicus (ASX:PME) and 2 other ASX 200 healthcare shares fall today?
- Why is the Imugene (ASX:IMU) share price up 8% today?
Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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