Shares of Sareum Holdings Plc (LON: SAR) surged 24% after the company announced that it had received US patent protection for its pre-clinical cancer programme.
The biotech company received US patent protection over its SDC-1802 TYK2/JAK1 kinase inhibitor programme, a pre-clinical treatment that targets cancer.
Today’s patent approval is the last step for the company given that it has already received patents from Europe, Japan and China.
Dr John Reader, the chief scientific officer for the programme, said: “The granting of this patent in the US completes the protection of the intellectual property for our proprietary SDC-1802 Programme across all major markets.”
Adding:
“The board believes that the patent will enhance the value of its TYK2/JAK1 inhibitor programmes and the company's negotiating position as it continues to engage in discussions with potential licence partners.”
Today’s announcement led Sareum shares to break above the crucial 2.60p resistance level before quickly falling back below the level.
The stock could set up for a rally if the price follows through and rises above the level, or could head into a downtrend if the level holds over the next few days.
Sareum share price
Sareum shares surged 24% to trade at 2.73p having rallied from Wednesday’s closing price of 2.20p.