Shares in ValiRx (LON:VAL) shot up almost 24% as it said its ValiSeek joint venture with Tangent Reprofiling had received notice that a US patent covering the composition of its cancer treatment VAL401 had been granted.
Dr Suzanne Dilly, chief executive of ValiSeek Ltd told investors: "I am delighted that this US patent office approval for the formulation is now with us, as it provides a strong endorsement of VAL401's technology and gives assurance over our our intellectual property."
Earlier today it was revealed the joint venture had begun the process of taking its drug candidate for cancer into full-blown clinical trials.
Regulatory planning is underway for VAL401 and the first meeting with the UK watchdog took place in late February.
ValiRx chief executive Satu Vainikka said on the latest development: "This is an excellent follow-up to our earlier development update on VAL401 and is great news"
Shares added 23.81% to 0.26p.