Poolbeg Pharma PLC (AIM:POLB, OTCQB:POLBF) said that an unnamed "third party" has agreed to withdraw its opposition to one of the company's European patents, known as Immunomodulator I.
The resolution comes without any financial compensation between the parties involved, investors were told.
Opposition to the patent position was initially filed in September 2021, but following discussions, both parties have reached an amicable agreement.
The third party has also committed not to challenge any future patents related to Immunomodulator I or Immunomodulator II.
"The favourable resolution of the opposition filed against our Immunomodulator I European patent is an important outcome for us," said Poolbeg chief executive, Jeremy Skillington.
"We have full confidence in the strength and validity of our patent portfolio and look forward to continuing to expand our intellectual property and protecting our pipeline of assets. We remain committed to addressing global unmet medical needs by driving innovation in healthcare."
The company holds a global licence for key asset POLB 001 for all human applications and is building a robust intellectual property portfolio.
This includes patents for Immunomodulator I and Immunomodulator II, which cover the use of p38 MAP kinase (mitogen-activated protein kinase) inhibitors in treating severe influenza and hypercytokinaemia.
Poolbeg has also filed additional patent applications to extend its intellectual property around POLB 001 and the use of p38 MAP kinase inhibitors in new therapeutic areas, such as oncology, thereby increasing the asset's appeal to potential pharmaceutical partners.