Alterity Therapeutics Ltd (NASDAQ: ATHE) is rocketing in the market this morning, trading on gains that are better stated in multiples than percentages. The gains come after the company announced that it has been awarded a patent in the United States.
The news not only led to the stock ticking up, it led to rocket-like movement as shorts race to cover in what’s an apparent short squeeze. Here’s what’s going on:
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ATHE Stock Rockets On Patent News
In the press release, Alterity Therapeutics announced that it has been awarded a new composition of matter patent by the United States Patent and Trademark Office. The company said that the patent is central to its next-generation drug development portfolio surrounding the treatment of neurodegenerative diseases.
ATHE was awarded patent number 16/818,641, titled, “Compounds for and Methods of Treating Diseases.” The company explained that the patent covers more than 150 novel pharmaceutical compositions. All of these compositions are designed to redistribute the labile iron implicated in Parkinson’s disease, Alzheimer’s disease, and other neurodegenerative conditions.
As a result of the patent, the company will enjoy 20 years of exclusivity. This gives the company plenty of runway to continue drug development and tackle the market if these assets make it to approval and commercialization.
Moreover, the company is working on obtaining similar patent protection outside of the United States.
In a statement, Geoffrey Kempler, Chairman and CEO at ATHE, had the following to offer:
This broad patent establishes an excellent foundation for the company to pursue multiple therapeutics across a spectrum of neurodegenerative disease.
There is a growing clinical and scientific focus on the implication of elevated iron in the brain of people with neurodegenerative disease. Alterity has been at the forefront of research and drug development in this area, and we have significant research to support our current and future drug development efforts.
This patent allows us to fully prosecute these opportunities with confidence in the coming years to address some of the most devasting brain diseases which currently have few or no treatment options.
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This Is Big News
The news released by Alterity Therapeutics proved to be overwhelmingly positive. After all, it’s important to protect your assets when developing a treatment, and this patent protects quite a few assets. Moreover, the patent is designed to cover potential Alzheimer’s disease and Parkinson’s disease treatments.
Keep in mind that while there are treatments for Alzheimer’s disease and Parkinson’s disease, currently available options lack efficacy. As such, if ATHE can show that it’s compounds are more effective in treating these conditions than the current standards of care, the company could be sitting on blockbusters that will take the lion’s share of the market, and it’s a massive one.
The Alzheimer’s disease treatment market is expected to grow to be worth more thabn $13 billion annually by 2023. The Parkinson’s disease market is expected to grow to be worth nearly $6 billion by the year 2022. We’re talking about a stock with a market cap of just $25 million. All in all ATHE is becoming an opportunity that’s hard to ignore.
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