Pulmatrix Inc. (NASDAQ: PULM) saw its shares take a massive jump on Tuesday after the company announced that it received a crucial patent approval in Europe. Essentially the EU patent follows similar patents that the company holds in both the United States and Japan in relation to its drug delivery system.
According to these patents, delivering the drugs directly to the lungs can offer numerous advantages. However, the full potential can’t be realized unless most of the drug actually gets to the lungs, as opposed to being stuck in the throat or mouth, causing side effects.
Pulmatrix’s technology uses dry powders that easily move into the lungs, making the delivery much more efficient. Additionally, the technology can deliver much larger doses of drugs, as well as many more different types of drugs, than existing methods can.
Pulmatrix’s product candidates are based on iSPERSE, its proprietary dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes.
With this platform now patented in these major markets, this microcap firm could potentially look to partner with a larger firm to apply its iSPERSE platform with other drugs.
Robert W. Clarke, Ph.D., CEO of Pulmatrix, commented:
This new patent shows our continued ability to obtain patents that protect our unique iSPERSE inhaled drug technology—and that also reflect the advances we are making in drug delivery. It gives us a strong intellectual property protection position in Europe as we move forward with our drug candidates for COPD, fungal infections, and other diseases.
Shares of Pulmatrix were trading up about 27% at $3.54 on Tuesday, with a consensus analyst price target of $15.00 and a 52-week trading range of $0.50 to $6.98.