The Race Oncology Ltd (ASX: RAC) share price has been seesawing today and is now at $3.17. That's a 0.32% gain on the previous closing price.
Race shares have been as high as $3.19 and as low as $3.08 so far today. This comes after an announcement from the company regarding another patent for its Zantrene label.
Here are the details.
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Sixth US patent for drug candidate Zantrene
The release notes the US Patent and Trademarks Office (USPTO) issued a new patent on Race's cancer drug candidate, Zantrene.
Zantrene works by inhibiting a particular kind of cancer growth accelerant in the body, known as the fat mass and obesity-associated protein (FTO).
Race is investigating its use in a number of complex conditions as both a substitute and complementary therapy.
As it relates to investors, the company is "pursuing outsized commercial returns for shareholders via its 'three pillar' strategy" to clinically develop Zantrene.
Race was awarded today's patent for "protection around uses of Zantrene that improve the efficacy of Zantrene treatments".
According to the company, the new patent is another plus in Zantrene's launch curve, as it further expands the therapeutic utility of the compound.
It also protects Race's ability to innovate around the flagship drug, particularly to improve patient outcomes. However, today's news has done little to spark the Race Oncology share price.
This marks the sixth granted patent of the phase 2/3 cancer drug candidate, after a recent update earlier this month regarding the fifth patent.
The precision oncology company reckons the USPTO granting a sixth patent only serves to strengthen its growing IP position for Zantrene.
Race Oncology share price snapshot
The Race Oncology share price has boasted an outsized return profile this year to date, having climbed around 80% into the green since January 1.
It has also gained around 230% in the past 12 months. That's well ahead of the benchmark S&P/ASX 200 index (ASX: XJO)'s return of around 19% over the same time.
At the time of writing, Race Oncology has a market capitalisation of $463 million.
