Tenax Therapeutics (NASDAQ:TENX) stock is rocketing higher on Thursday after getting an update on one of its patents.
That includes a Notice of Allowance from the United States Patent and Trademark Office (USPTO). This covers the company’s “use of IV levosimendan in the treatment of pulmonary hypertension with heart failure with preserved ejection fraction (PH-HFpEF).”
Tenax Therapeutics notes that this patent will provide its IP with protection up to 2040. It also builds on another patent issued to the company in January 2022. That covers the medical use of subcutaneous formulation of levosimendan in humans.
Dr. Stuart Rich, CMO of Tenax Therapeutics, said the following about the news:
“A recent American Heart Association Science Advisory* remarked that PH-HFpEF is a growing epidemic with high mortality that must be met with novel solutions. Levosimendan is the first therapy to show clinical benefit in a randomized controlled trial in this population. We expect the granting of this IP protection will allow us to proceed with the development of a desperately needed treatment for these patients.”
TENX Stock Reactions to the Patent News
With today’s patent news, shares of TENX stock are seeing incredibly heavy pre-market trading. As of this writing, more than 5 million shares of the stock have changed hands. That’s a massive jump from its daily average trading volume of about 384,000 shares.
TENX stock is up 149.1% as of Thursday morning.
Investors looking for more of the latest stock market news are in luck!
InvestorPlace is home to all of the hottest stock market news traders need to know about. That includes this morning’s biggest pre-market stock movers, as well as the latest on Bright Green (NASDAQ:BGXX) and Rivian (NASDAQ:RIVN). You can learn more on these matters at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.