Shares of MediciNova (NASDAQ: MNOV) were on an upswing in pre-market trading on Wednesday as the biopharmaceutical company received a Notice of Allowance from the Canadian Intellectual Property Office for its pending patent application.
This patent application covered MN-001 (tipelukast) and MN-002 (a major metabolite of MN-001) which can be used for reducing cholesterol, trigyceride blood level and reducing low-density lipoprotein (LDL). Once the patent is issued, it is likely to be valid till July 2034.
Kazuko Matsuda, M.D. Ph.D, MPH., Chief Medical Officer, MediciNova commented, “We are very pleased to receive notice that this new patent will be granted. As we already have patents for similar indications in the U.S., Europe, Japan, China, and Korea, we believe this additional patent in Canada could increase the potential value of MN-001.”