The Recce Pharmaceuticals Ltd (ASX: RCE) share price is on the move today. It comes after the pharmaceutical company provided a patent update on its synthetic anti-infectives.
At the time of writing, the Recce share price is up 5.73% to $1.015. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.65% to 7,238 points.
What's pushing the Recce share price higher?
The Recce share price is pushing higher today after the Chinese Patent Office granted Patent Family 3 to Recce anti-infectives. Titled 'Anti-virus Agent and Method for Treatment of Viral Infection', the patent allows marketing and manufacturing monopolies until February 2037.
According to the company's update, the granted claims relate to antibiotic drug Recce 327 and the new anti-viral formulation Recce 529.
China is considered one of the largest pharmaceutical markets in the world, valued at roughly US$86.74 billion. This places the lucrative Chinese market behind the United States and Japan in terms of revenue size.
The latest patent approval in Family 3 follows recent patent grants in Europe and Japan.
The country witnesses millions of cases where infections are caused by lipid enveloped or coated viruses. Patent Family 3 applications in other major pharmaceutical markets around the world are in their own advanced stages of independent patent reviews.
Recce CEO James Graham commented:
Recce's intellectual property portfolio continues to grow in line with our business strategy and the unprecedented global infectious disease crisis before us. With this new patent granted in one of the largest pharmaceutical markets in the world, our market monopolies reinforce the unique opportunities among a significant range of both bacterial and viral pathogens.
About the Recce share price
Recce is involved in the advancement of synthetic antibodies designed to address the global health challenge of antibiotic-resistant superbugs. The medical company's flagship drug Recce 327 is being developed to treat blood infections and sepsis.
The group operates solely in research and development in both Australia and the United States.
The Recce share price has fallen by more than 25% in the past 12 months and 3.3% year-to-date. The company's shares hit a 52-week low of 86 cents in late June after weak investor sentiment kicked in.
At today's price, Recce commands a market capitalisation of around $177 million, with roughly 173.7 million shares on issue.