The Starpharma Holdings Ltd (ASX: SPL) share price is pushing higher today following a patent update from the biopharmaceutical company.
At the time of writing, Starpharma shares are swapping hands for $1.385, up 5.73%.
What did Starpharma announce?
Investors are sending the Starpharma share price higher after the company received a new patent in relation to DEP cabazitaxel.
According to the release, the United States Patents and Trademarks Office (USPTO) approved a patent for the DEP cabazitaxel nanoparticle.
The new grant covers DEP dendrimer coupled with multiple cabazitaxel drug molecules via a particular releasable linker.
The patent is due to expire in 2039 but can be extended for a further 5 years.
Starpharma is currently trialling the DEP cabazitaxel nanoparticle in a late phase 2 clinical development. More than 40 patients with solid tissue tumours, including prostate, ovarian and gastro-oesophageal cancers have been recruited.
DEP cabazitaxel aims to treat patients with multiple cycles of DEP cabazitaxel, reducing the rate of severe life-threatening bone marrow toxicity. So far, encouraging signals have been observed in multiple tumour types where no new bone metastases were observed.
Starpharma chief executive, Dr Jackie Fairley commented:
The grant of this new US patent illustrates the unique and compelling benefits of Starpharma’s DEP drug delivery technology and DEP cabazitaxel.
We look forward to completing the phase 2 clinical program for DEP cabazitaxel, in parallel with commercial discussions with potential licensing partners.
It’s worth noting that DEP cabazitaxel is a proprietary nanoparticle version of leading prostate cancer drug cabazitaxel (Jevtana). In 2020, Jevtana achieved global sales of US$536 million.
Starpharma share price summary
At the beginning of the year, Starpharma shares rocketed to an all-time high of $2.52 in February. However, the short and sudden rise was short-lived with its shares crashing down the following month.
Since then, the company’s share price has gradually ticked lower hitting a 52-week low of $1.15 in late August. A slight rebound has ensued after investors picked up its shares at bargain prices.
Starpharma is down almost 20% when looking at the past 12 months, and around 10% lower in 2021.
The post Starpharma (ASX:SPL) share price surges 5% on United States patent news appeared first on The Motley Fool Australia.
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More reading
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- Why the Starpharma (ASX:SPL) share price raced higher 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. owns shares of and has recommended Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. 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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