ChitogenX Inc (CSE:CHGX, OTCQB:CHNXF) told investors it has received a notice of allowance for a key patent in the US and Canada.
The company's shares rose 40% to C$0.14 by noon in Toronto.
In a statement, ChitogenX noted that the patent confers protection for usage of the chitosan-based biopolymer as a stand-alone scaffold, or in combination with other therapeutic agents such as biologics.
"The receipt of this notice of allowance for a patent in the key US and Canadian jurisdictions makes our proprietary chitosan-based biopolymer scaffold significantly more valuable to potential partners and recognizes its unique characteristics for much broader regenerative medicine applications when compared to our existing PRP-Chitosan proprietary platform,” the company’s CEO Philippe Deschamps commented.
ChitogenX said it is currently evaluating opportunities for fast-track regulatory programs with potential 510(k) pre-market submissions in the US and commercial readiness in other jurisdictions.
“We expect to announce our plans to take full advantage of the broad clinical and commercial opportunities now available to us in the coming months,” Deschamps added.
ChitogenX is a clinical-stage regenerative medicine company dedicated to the development of novel therapeutic tissue repair technologies to improve tissue healing.
~Updates with share price movement~
Contact the author at stephen.gunnion@proactiveinvestors.com