Propanc Biopharma Inc (OTCMKTS:PPCB), a biopharmaceutical company developing new cancer treatments for patients suffering from recurring and metastatic cancer, saw its shares rise on Wednesday following news the firm has been granted a US patent to better protect its lead drug PRP.
In afternoon trading in New York, shares in Propanc were 7.7% higher at $1.40.
In a statement, the company said that the patent granted by United States Patent and Trademark Office covers composition of matter claims involving pancreatic proenzymes trypsinogen and chymotrypsinogen -- which together comprise PRP for treating various cancers. The patent is the second one covering PRP.
Propanc said that in order to win the patent it was able to demonstrate that trypsinogen and chymotrypsinogen exhibit a synergistic ability to inhibit the growth of various cancer cell lines.
READ: Propanc Biopharma publishes promising study of its metastatic cancer drug in peer-reviewed medical journal
“We continue to grow and strengthen our intellectual property portfolio and it is pleasing to receive additional patent claims for PRP in one of our most important global jurisdictions,” CEO James Nathanielsz said in a statement.
“Presently, we have 65 patents either in force, or pending, in major global regions around the world, and this is very significant as we advance PRP towards human trials.”
The Australian company says the pancreatic proenzymes target and eradicate cancer stem cells in patients suffering from pancreatic, ovarian and colorectal cancers.
The novel proenzyme therapy is based on the science that enzymes stimulate biological reactions in the body, especially enzymes secreted by the pancreas. These pancreatic enzymes could represent the body’s primary defense against cancer.
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