Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Annovis Bio Inc (NYSE AMERICAN: ANVS) are up over 27% on Thursday after the company announced the European Patent Office has granted it's patent for a method of treating acute nerve and brain injuries by administering ANVS405 after injury.
“This new patent, covering acute indications, joins our two patents covering our primary disease targets, AD and PD, which both originate from a patent family that claims ANVS401 for the treatment of neurodegenerative diseases,” commented Maria Maccecchini, CEO of Annovis.
However, the Pennsylvania-based company said that while Europe has allowed the whole acute injury patent, the US Patent and Trademark Office (USPTO) has asked them to split the original application into several patents. The company has now filed divisional applications covering individual diseases that the drug targets, such as traumatic brain injury, stroke, and spinal cord injury.
They expect to receive additional patent allowances in the future.
Annovis Bio shares reacted positively to the news, currently trading 27.68% higher at $23.20 premarket.
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