Concert Pharmaceuticals Inc. (NASDAQ: CNCE) was a top gainer in yesterday’s trading session. The stock edged higher to close the day with gains of 33.03%. This came after the company announced that, it had got a notice of allowance from the U.S Patent and Trademark office for application 16/098,338, in relation to CTP-543. CTP-543 is the company’s investigational treatment for alopecia areata.
The patent will expire in the year 2037, and covers the pharmaceutical composition of CTP-543, and methods of treatment for Alopecia Areata. The company also announced that, it will carry out an end of phase 2 meeting with the FDA, in order to take CTP-543 to phase 3 evaluation this year.
Commenting on the latest developments, CEO Roger Tung stated that, the company is taking multiple approaches to ensure that, it secures its patent for CTP-543. He added that, the patent includes clinical doses of CTP-543 that the company had observed in phase 2 dose-ranging in treating alopecia areata, and that it will be orange book eligible upon issuance. On top of that, the CEO stated that, even as the company was preparing to push CTP-543 to key testing in 2020, the company was also looking to have a new patent as a key component to its IP estate.
Alopecia Areata is an autoimmune disease that attacks hair follicles and causes loss of hair on the scalp and body. It affects about 650k America both men and women, and can occur at any age. There are no drugs approved by the FDA at the moment. The FDA selected it as one of 8 diseases that it was focusing on for patents in 2016-2017.
Looking at its price action, the stock is gaining upside momentum, in continuation of the trend that started in October 2019. In yesterday’s session, it opened the day at $10.05 and traded between $9.95 and $13.09 before closing at $13.09. Volumes in the day stood at 924.64k.
About Concert Pharmaceuticals Inc.
Concert Pharmaceuticals Inc. is a biopharma company that develops treatments for autoimmune diseases. It is based in Lexington, Massachusetts.