Nuformix PLC (LSE:NFX), the pharmaceutical company, lifted over 6% in early Monday trading after receiving patent approval from Japanese authorities for NXP002, its lead asset and a potential novel treatment.
Issuing a grant notice for the treatment entitled "crystalline tranilast salts and their pharmaceutical use”, the London-listed firm said the patent covers the inhalation of the new tranilast drug.
Additionally, the pharmaceutical firm owns two patents relating to the inhaled treatment for Idiopathic Pulmonary Fibrosis (IPF), including one globally and one in the US which addresses the tranilast drug as a novel treatment.
Dr Dan Gooding, executive director of Nuformix, said in a company statement: "I'm delighted we have received this Official Decision to Grant from the Japanese Patent Office.
“This provides confirmation that no prior art exists in relation to NXP002, which is very important given that this is the territory in which tranilast was first invented and where the vast majority of considerable subsequent development work has been conducted.
“The grant is therefore an important step forward for our lead asset NXP002. We expect the European grant to follow shortly, which will further support the company's on-going partnering activities.”
Shares in Nuformix were trading at around 0.28p on Monday, down 11% so far in 2023.