A biotechnology company developing disease-modifying treatments for neurodegenerative conditions, Alterity Therapeutics (NASDAQ:ATHE) on August 4, 2021 announced the United States Patent and Trademark Office issuing Notice of Allowance for Alterity’s patent application No. 17/239,375.
This would secure exclusivity for a fresh group of iron chaperones made for redistributing the excess iron in many neurodegenerative diseases, including Parkinson’s and Alzheimer’s.
The patent, which is titled “Compounds for and Methods of Treating Diseases”, covers over 80 novel compounds as well as underwent prioritized examination by the USPTO. Alterity is in a robust position for addressing neurodegeneration, which was exemplified by the absence of any novelty objections during the course of prosecution.
Alterity Chief Executive Officer David Stamler, M.D, said that the company’s in-house research team is looking to discover unique compounds addressing important targets. Stamler added that the structural backbone in the new patent gives a larger foundation for small molecule drug candidates for attacking sources of neuropathology.
The CEO said that the company hopes to identify new drugs to add to its pipeline and addressing several critical diseases.
Allowance notice means that the patent office will issue a patent after the completion of some administrative steps. The patent will give Alterity 20 years of exclusivity over the compounds claimed in the patent, resulting in a robust basis for drug development and commercialization in neurodegenerative diseases.
At the time of writing, ATHE stock is up by 8.50% to $1.49, a well-off session high of $1.82. The stock has seen higher than average volume with more than 54.81 million shares traded hands, compared to its average volume of 5.58 million shares.