News that Zynerba Pharmaceuticals Inc. (NASDAQ: ZYNE) has received a key patent from the U.S. Patent and Trademark Office lifted its shares on Tuesday.
Specifically, the firm was issued a patent titled “Treatment of Fragile X Syndrome with Cannabidiol,” which includes claims directed to methods of treating Fragile X Syndrome (FXS) by administering a therapeutically effective amount of synthetic or purified cannabidiol (CBD).
This new patent, which expires in 2038, is part of an expanding intellectual property portfolio covering the firm’s CBD product candidate, ZYN002 Transdermal CBD gel.
The issuance of this patent comes as enrollment progresses in CONNECT-FX, a pivotal, multinational, randomized, double-blind, placebo-controlled study evaluating the efficacy and safety of ZYN002 in three- through 17-year-old FXS patients with full mutation of the FMR1 gene.
The primary endpoint is the change from baseline to the end of the treatment period in the Aberrant Behavior Checklist-Community FXS Specific (ABC-CFXS) Social Avoidance subscale. Clinical investigative sites are enrolling patients in the United States, Australia and New Zealand. Patients who have completed the double-blind phase are now enrolling into the 12-month open-label phase.
Zynerba expects to report top-line data in the second half of 2019.
Excluding Tuesday’s move, Zynerba had outperformed the broad markets, with its stock up about 70% year to date. In the past 52 weeks, the stock actually is down 53%.
Shares of Zynerba were last seen up about 11% at $5.58, in a 52-week range of $2.75 to $12.50. The consensus price target is $16.40.