(Alliance News) - Shares in N4 Pharma climbed on Thursday after the company said the European Patent Office intends to grant a patent to its drug delivery system Nuvec.
Shares in the pharmaceutical company were trading 19% higher at 9.60 pence each on Thursday morning in London.
N4 stated the patent approval is specifically in respect of Nuvec's composition, particulate materials, and methods for making the particulate materials. Under the patent, N4 Pharma has the exclusive worldwide rights to Nuvec for therapeutic uses in humans and animals.
The company said the next steps prior to formal grant will require the University of Queensland to confirm the particulars and translations with the patent office prior to publication of the grant, after which the patent will be validated on a country-by-country basis throughout Europe.
"The receipt of the intention to grant the primary patent in respect of Nuvec for Europe is a key milestone for the company and should see other key jurisdictions where patents remain pending for Nuvec follow suit. It is particularly important as discussions with potential collaborators continue," said Chief Executive Nigel Theobald.
By Ife Taiwo; ifetaiwo@alliancenews.com
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N4 Pharma Plc (N4P)