Conduit Pharmaceuticals (NASDAQ: CDT) stock jumped in pre-market trading Wednesday after the company secured an Australian patent for autoimmune disease treatment.
Conduit Pharmaceuticals recently announced that IP Australia approved a composition of matter patent application for its lead asset, an HK-4 Glucokinase Activator, which targets various autoimmune diseases.
This approval marks a key advancement for Conduit, positioning it to participate in the Patent Prosecution Highway (PPH) program, which expedites patent examination in major markets including the U.S., Europe, and Japan. With the initial approval from IP Australia for patent application 2022384750, Conduit anticipates favorable outcomes in other jurisdictions, enhancing the global reach and protection of its intellectual property.
Patents in these major jurisdictions are highly valuable for marketed drug products, offering up to 20 years of patent protection. This extended exclusivity period is critical for pharmaceutical companies, providing a competitive edge and enabling them to maximize the commercial potential of their innovations.
Dr. David Tapolczay, Chief Executive Officer, said,
“The approval of the composition of matter patent in Australia for our lead asset augments our commitment to optimizing the value of our intellectual property portfolio. With up to 20 years of patent protection and drug substance classification secured, this patent not only validates the robustness of our internal R&D capabilities but also significantly strengthens our position for future out-licensing opportunities.”
Conduit Pharmaceuticals (NASDAQ: CDT) Stock Reaction
As of 05:24 a.m. (Eastern Time) Wednesday, CDT stock traded at $0.2728, marking an 8.64% increase compared to the previous trading session.
