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N4 Pharma (LON: N4P) shares are trading higher after the company said that the University of Queensland has been notified by the European Patent Office of its intention to grant a European patent for Nuvec.

Nuvec uses unique silica nanoparticles as a delivery system for cancer and vaccine treatment.

N4 Pharma has the exclusive worldwide rights to Nuvec for therapeutics in humans and animals. The patent is specifically regarding Nuvec's composition particulate materials and methods for making the particulate materials.

Now that the University of Queensland has received the notifications, the next steps before a formal grant will require them to confirm the particulars and translations with the European Patent Office before the publication of the grant.

The patent will then be validated on a country-by-country basis throughout Europe determined by the University of Queensland and N4 pharma. The process should take around six to eight months.

“The receipt of the intention to grant the primary Patent in respect of Nuvec® for Europe is a key milestone for the Company and should see other key jurisdictions where patents remain pending for Nuvec® follow suit,” said Nigel Theobald CEO of N4.

“The timing is especially relevant as we undertake our most comprehensive in vivo studies to date starting with Nuvec® loaded with the Coronavirus plasmid currently underway and the shortly to commence study incorporating our various learnings from the optimisation work over the last eighteen months,” Theobald added.

The company’s shares are currently trading at 9.24p up 14.20%.

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