Kiora Pharmaceuticals (NASDAQ:KPRX) stock is getting a boost on Wednesday after the company revealed new patents in the U.S. and Europe.
According to a press release from Kiora Pharmaceuticals, these patents cover the “local ocular delivery of the KIO-100 family of non-steroidal, anti-inflammatory small molecules.” These patents provide the company with extra protection for its intellectual property (IP) and embolden it to continue the development and commercialization of the drug.
Brian Strem, PhD, president and and CEO of Kiora Pharmaceuticals, said the following about the news.
‘This milestone further strengthens the potential commercial position of KIO-104, as a safe and potent steroid-sparring approach. This third generation DHODH inhibitor is a more potent molecule belonging to a validated class of FDA-approved anti-inflammatory drugs already benefitting tens of thousands of multiple sclerosis patients a year.”
Specifically, Kiora Pharmaceuticals has high hopes for KIO-104. This is a product in development for the treatment of posterior non-infectious uveitis. It has already seen promising results in a Phase 1b clinical study.
How This Affects KPRX Stock Today
Shares of KPRX stock are experiencing heavy trading on Wednesday as investors react to the patent news. This has more than 7 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 280,000 shares.
KPRX stock is up 10.9% as of Wednesday morning but is down 83.3% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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