The Recce Pharmaceuticals Ltd (ASX: RCE) share price ended the day higher after the company secured a patent in the United States.
At the closing bell, the pharmaceutical company's shares finished the day up 3.27% to $1.10.
Let's take a closer look at what Recce announced to the ASX this morning.
Recce furthers patent protection
According to its release, the United States Patent and Trademark Office has granted Patent Family 3 to Recce anti-infectives.
Titled "Anti-Virus Agent and Method for Treatment of Viral Infections", the patent furthers the company's marketing and manufacturing property until February 2037.
The approved claims relate to its flagship drug, Recce 327, and anti-viral formulation, Recce 529. They are as follows:
- Composition/method of manufacture of Recce anti-infectives;
- Use of Recce 327 or Recce 529 for the treatment of viruses having a lipid envelope or coat, examples being SARS-CoV-2 and Corona viruses, Influenza viruses, HIV, Hepatitis, Ross River and Herpes viruses; and
- Administration of Recce 327 or Recce 529 by oral, injection, inhalation and transdermal dose applications.
Recce's lead drug candidate (Recce 327) is being developed to treat blood infections and sepsis.
Investors appeared buoyed by this latest development, sending the Recce share price higher on Thursday.
According to World Atlas, the US is the largest pharmaceutical market in the world, valued at $33.97 billion. The country's stringent processes in developing and manufacturing drugs has led to some of the best-selling products across the globe.
Just this week, China also granted Recce Patent Family 3 to its anti-infectives. This leaves Australia as the only remaining nation yet to approve the patent. China, Japan, Europe and now the United States have all authorised Recce's Family 3 patent.
Recce CEO James Graham said:
Recce's intellectual property portfolio continues to grow in-line with our business strategy and the unprecedented global infectious disease crisis before us. We are thrilled to see that our anti-viral patent granted in the USA, the largest pharmaceutical market in the world; with yet further market-monopolies reinforcing the unique opportunities among a significant range of both bacterial and viral pathogens.
Recce share price summary
Despite today's rise, Recce shares have had a disappointing 12 months, falling more than 15%. However, year-to-date, the company's share price is slightly up by 5%.
Recce has a market capitalisation of roughly $192 million, ranking as the 722nd largest company on the ASX.