Medicinova Inc (NASDAQ:MNOV) stock started Wednesday on the front foot boosted by a patent award in Europe.
The European Patent Office has given protection to the company’s asset MN-001 (tipelukast) for the treatment of scleroderma and/or systemic sclerosis.
It covers MN-001 until no earlier than 2035, the company noted and applies to oral administration, including tablets and capsules, as well as liquid dosage forms – over a range of doses and dose frequencies.
“This new patent is based on positive results from a systemic sclerosis animal model study conducted recently,” said chief medical officer Kazuko Matsuda.
“The Canadian Intellectual Property Office granted a similar patent earlier this year. We are very pleased to receive notice of this new patent which covers Europe, and we believe it could increase the potential value of MN-001.”
In New York, Medicinova stock was up 18 cents or 7.8% trading at US$2.49 and valuing the company at around US$122.4 million.