Bio-Path Holdings (NASDAQ:BPTH) stock is rocketing higher on Wednesday after announcing patent updates for its DNAbilize platform.
According to a news release, Bio-Path Holdings has been granted U.S. Patent No. 10,898,506. This is a patent that builds on previous patents designed to protect is DNAbilize technology.
DNAbilize is Bio-Path Holdings’ platform that it uses for the development and delivery of cancer drugs. That includes prexigebersen, which is its lead candidate. This drug is in Phase 2 studies to treat patients suffering from blood cancer.
Today’s news contains an update on prexigebersen as well. Bio-Path Holdings notes that the United States Patent and Trademark Office has sent out an Issue Notification for a patent connected to the drug. This patent, U.S. Patent No. 10,927,379, will cover using it in combination with a cytidine analogue or the Bcr-Abl tyrosine kinase inhibitors dasatinib and nilotinib.
Peter Nielsen, president and CEO of Bio-Path Holdings, said this about the news sending BPTH stock soaring on Wednesday.
“The ’506 patent is the third patent in our family of platform intellectual property and offers expanded defense of our DNAbilize platform technology. The ’379 patent will offer target-specific protection for on-going clinical trials using prexigebersen in combination with decitabine as a treatment for acute myeloid leukemia (AML).”
It’s worth pointing out that BPTH stock is seeing heavy trading today. As of this writing, more than 71 million shares of the stock have changed hands. To put that in perspective, the stock’s daily average trading volume is only about 280,000 shares.
BPTH stock was up 242.8% as of Wednesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.