Biopharmaceutical innovator CytRx Corporation (OTCMKTS:CYTR) was in the news yesterday after it made a major new announcement with regards to the receipt of a key patent. For an innovative company that can often be seen as a significant development.
Trading Data
On Wednesday, CYTR stock fell 2.77% to $0.0824 with 23.32K shares, compared to volume of 66.64K shares. The stock moved within a range of $0.0787 – 0.0897 after opening trade at $0.0847.
European Patent Office Awards CytRx Key Patent
The company announced that the key patent had been awarded by the European Patent Office and in addition to that, the period during which certain parties could have opposed the award of the patent had also lapsed. The patent in question is related to the use of the LADR backbone in a large number of medicine compounds. The implications of it could be far reaching for CytRx and it is going to be interesting to see if investors start tracking he stock over the coming days.
If LADR backbone is attacked to medicines, then it will be possible for the medicines to target the diseased tissues far more effectively. The company seeks to use this method for the purpose of controlling side effects that can be caused to those parts of the body which are not targets. The company also announced yesterday that not too long ago a patent for the LADR platform had also been issued in the United States.
Key Quote
“We are pleased that the United States and European patent offices have granted these patents relating to the LADR system and of drugs incorporating the LADR system. We use a 2-tiered approach to protect the value of LADR and the drugs that result from combining LADR and an active pharmaceutical agent. The first tier protects the LADR backbone, while the second tier layers on additional protection by covering the composition resulting from the combination of the active pharmaceutical agent and LADR. We are busily preparing to take our next LADR-based cancer drug through its final pre-clinical hurdles and can do so with the comfort that these key patents are now in place.”
Technical Data
CYTR stock is trading below the 20-Day and 50-Day Moving averages of $0.0865 and $0.0936 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.2899. The company has a total market capitalization of $3.71 million.
