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Why the Next Science share price is racing higher today

asx shares higher

The Next Science Ltd (ASX: NXS) share price is on course to end the week on a high.

In morning trade the medical technology company’s shares are racing 9% higher to $1.84.

Today’s gain means that Next Science’s shares have now rallied a remarkable 84% since their IPO earlier this year.

Why is the Next Science share price racing higher?

This morning Next Science announced that it has been granted its first acne-related patent.

According to the release, the US Patent office has granted Next Science Patent No. 10,477,860 for “High Osmolarity Antimicrobial Composition Containing One or More Organic Solvents”.

This provides patent coverage for the application of Next Science’s unique Xbio technology in its Acne Gel and Acne creams.

This patent will expire on May 10 2038. It brings the total patents owned by the company and its subsidiaries to 22.

What is Xbio?

The company’s proprietary Xbio technology is designed to reduce the impact of biofilm based infections in human health. It is a unique, non-toxic technology with proven efficacy in eradicating both biofilm based and free-floating bacteria.

As chronic acne is a biofilm based infection, Next Science is aiming for its Xbio technology to become a leading treatment option.

And it looks like it has a good chance of achieving this. Its unique biofilm disrupting Xbio technology has been able to create formulae that break up the biofilm and restore the natural biome of the skin.

Today’s patent provides Next Science with a unique platform for the purpose of commercialisation and licensing in the field of acne treatment, in addition to the other technologies in its product portfolio.

Also on the rise on Friday is the Sigma Healthcare Ltd (ASX: SIG) share price. It is up 4% to 66 cents after announcing its guidance for FY 2020. This follows an announcement on November 25 revealing a first-line agreement with the My Chemist/Chemist Warehouse Group.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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