The Starpharma Holdings Ltd (ASX: SPL) share price is pushing higher today following a patent update from the biopharmaceutical company.
At the time of writing, Starpharma shares are swapping hands for $1.385, up 5.73%.
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What did Starpharma announce?
Investors are sending the Starpharma share price higher after the company received a new patent in relation to DEP cabazitaxel.
According to the release, the United States Patents and Trademarks Office (USPTO) approved a patent for the DEP cabazitaxel nanoparticle.
The new grant covers DEP dendrimer coupled with multiple cabazitaxel drug molecules via a particular releasable linker.
The patent is due to expire in 2039 but can be extended for a further 5 years.
Starpharma is currently trialling the DEP cabazitaxel nanoparticle in a late phase 2 clinical development. More than 40 patients with solid tissue tumours, including prostate, ovarian and gastro-oesophageal cancers have been recruited.
DEP cabazitaxel aims to treat patients with multiple cycles of DEP cabazitaxel, reducing the rate of severe life-threatening bone marrow toxicity. So far, encouraging signals have been observed in multiple tumour types where no new bone metastases were observed.
Starpharma chief executive, Dr Jackie Fairley commented:
The grant of this new US patent illustrates the unique and compelling benefits of Starpharma's DEP drug delivery technology and DEP cabazitaxel.
We look forward to completing the phase 2 clinical program for DEP cabazitaxel, in parallel with commercial discussions with potential licensing partners.
It's worth noting that DEP cabazitaxel is a proprietary nanoparticle version of leading prostate cancer drug cabazitaxel (Jevtana). In 2020, Jevtana achieved global sales of US$536 million.
Starpharma share price summary
At the beginning of the year, Starpharma shares rocketed to an all-time high of $2.52 in February. However, the short and sudden rise was short-lived with its shares crashing down the following month.
Since then, the company's share price has gradually ticked lower hitting a 52-week low of $1.15 in late August. A slight rebound has ensued after investors picked up its shares at bargain prices.
Starpharma is down almost 20% when looking at the past 12 months, and around 10% lower in 2021.
