Neuren Pharma shares rocket on US patent win
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The news: Neuren Pharmaceuticals was the best performing ASX 200 company in early trade after the US Patent and Trademark Office said it will allow the biotech's patent application for its Pitt Hopkins syndrome treatment NNZ-2591.
The numbers: Neuren shares were up 11% to $13.92 at 10:50am AEST, having retreated by around 33% over the last 12 months.
The context: After issue, the expiry date of the patent will be in April 2040, the company said.
There are currently no approved treatments for Pitt Hopkins syndrome, a neurodevelopmental condition that impacts between 1 in 34,000 and 1 in 41,000 people.
The US Food and Drug Administration (FDA) granted fast track designation to Neuren's development program for NNZ-2591 in Pitt Hopkins syndrome in February.
Neuren said it plans to discuss the next steps in its NNZ-2591 development program with the FDA.
The source: ASX
