The Chimeric Therapeutics Ltd (ASX: CHM) share price has jumped 6% into the green during afternoon trade, and currently trades at 33.5 cents.
Chimeric shares are rallying after the company announced a key update regarding its CAR Technology.
Read on for more details.
What did Chimeric Therapeutics announce?
Chimeric advised that the European Patent Office has granted the company a patent covering its chimeric antigen receptor (CAR) technology.
CAR Therapy is being developed for patients with Glioblastoma, where it is currently being studied in a phase 1 trial at City of Hope Medical Centre in the US.
The patent covers "certain applications" of the CAR technology using cholorotoxin (CLTX), and also the company's clinical-stage label CHM 1101.
It was published in the "European Patent Bulletin dated September 22, 2021", according to Chimeric, under patent number EP 3,362,470 B1.
Effectively the patent grants protection for CAR over these "applications" that will use CLTX and CHM 1011 until 2036.
In addition, Chimeric also "holds the exclusive worldwide license" to commercialise the patent, and "related patent applications filed in other global territories" for the compound.
This is an important milestone for clinical-stage biotechnology companies, as they need to secure the rights to sell their compounds if they can successfully develop them.
Investors appear to love the news and are pushing the Chimeric Therapeutics share price towards its previous high of 35 cents on 7 September.
What did management say?
Speaking on the patent milestone, Chimeric's CEO and managing director, Jennifer Chow said:
We are pleased to see the continued advancement of the strong intellectual property portfolio underpinning Chimeric's CLTX CAR T program, on this occasion in a geography that holds significant market potential.
Chimeric share price snapshot
The Chimeric Therapeutics share price has had a very difficult year to date and has posted a return of 14% since listing in January.
However, over the last month, it has stepped a further 1.5% into the green and is also up another 3% this past week.
It is still early days for Chimeric, but it is still trading ahead of the S&P/ASX 200 index (ASX: XJO)'s year to date gain of 12%.
At the time of writing, Chimeric Therapeutics has a market capitalisation of $105 million.
