Shares of biopharmaceutical company Medicinova (NASDAQ:MNOV) are surging upward today after it bagged a Decision to Grant for a new patent from the European Patent Office for its small molecule compound tipelukast (MN-001). This compound is for the treatment of scleroderma, which involves skin tightening and hardening, and systemic sclerosis, which can mean scar tissue build-up in the skin as well as other organs.
The allowed claims under the patent cover oral administration as well as liquid dosage and the validity of the patent stands until June 2035. The allotment is based on positive results from a recent systemic sclerosis animal model study.
The company has already bagged a similar patent in Canada earlier this year and the patent win in Europe could potentially boost the value of MN-001. Importantly, the drug has received a fast-track designation for the treatment of NASH (nonalcoholic steatohepatitis) with fibrosis as well as fast-track and orphan drug designation for the treatment of idiopathic pulmonary fibrosis.
Despite today’s price gains, Medicinova shares are still down nearly 5.3% over the past 52 weeks.
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