A major patent achievement has Bullfrog AI (NASDAQ:BFRG) stock surging more than 30% today. This company is helping bring artificial intelligence (AI) to the development of pharmaceuticals and biologics. While it hasn’t been able to ride the AI wave as much as its larger peers so far, the company recently announced a major step forward. Today, Bullfrog released a statement revealing that a patent will be issued for its novel prodrugs designed to treat cancer.
According to the statement, the U.S. Patent and Trademark Office (USPTO) will issue this patent on Aug. 1, 2023. BFRG stock has been rising steadily all day since the news broke, making it clear that the market is responding well to this development.
After months of failing to garner serious momentum, is this penny stock finally on its way to joining its AI peers? Let’s take a closer look at the news and assess what BFRG stock investors can expect.
What’s Happening With BFRG Stock?
Even after taking a dip this morning, BFRG stock is back in the green. As of this writing, shares are up more than 30% for the day. It has been a difficult journey since Bullfrog AI began trading in February 2023, but this news could help the company start to make up some ground.
Bullfrog AI founder and CEO Vin Singh said the following in regarding to the new patent progress:
“This patent grant further strengthens intellectual property protection of our carefully curated and strategically acquired licensed product portfolio […] Mebendazole has shown promise in treating various types of cancer, and these N-substituted prodrugs of mebendazole demonstrate significantly improved solubility and bioavailability relative to the parent compound, enhancing their therapeutic potential and improving the likelihood of clinical success.”
Singh also notes that Bullfrog is focused on working with strategic partners to “monetize this promising asset for the treatment of glioblastoma and other oncology indications.”
Microcap plays like BFRG stock tend to make investors nervous. However, if the company can keep demonstrating this type of progress, it could offer investors significant exposure to the booming AI market. That said, Bullfrog AI still has a lot of ground to cover before it can propel itself out of the penny stock category. BFRG currently trades for less than $5 per share with a market capitalization of under $30 million.
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Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, Samuel O’Brient did not hold (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.
