Conduit Pharmaceuticals Inc. (CDT) announced on Tuesday that IP Australia has granted a composition of matter patent application for its leading asset, AZD1656, which is aimed at treating a variety of autoimmune diseases. As a result, shares surged over 60% in pre-market trading to $0.3977. Additionally, the company has enrolled in the Patent Prosecution Highway (PPH), a program designed to expedite patent examinations in major jurisdictions, including the U.S., Europe, and Japan.
"Securing up to 20 years of patent protection and drug substance classification not only underscores the strength of our internal research and development capabilities but also enhances our prospects for future out-licensing opportunities," said David Tapolczay, Chief Executive Officer.
On Monday, Conduit Pharma's stock closed at $0.24, marking an 8.57% decline. Over the past year, the stock has fluctuated between $0.21 and $25.00.
