Qualigen Therapeutics (NASDAQ:QLGN) saw its stock jump 80% following news that it secured new patents spanning 25 countries for its cancer drug QN-302.
The patents, titled “Substituted Naphthalene Diimides and Their Use,” cover both the product and the manufacturing processes for QN-302. This drug was developed by Professor Stephen Neidle and his team at University College London and licensed to Qualigen. The patent protections extend through 2040.
These approvals include over 20 European nations, representing a large portion of the continent’s population. Qualigen has also obtained similar patent protections in India, China, and Russia.
“Having the patents granted covering so much of the world’s population strengthens our position as a drug development company. By assuring such strong coverage will allow us to continue bringing QN-302 to market and treating patients suffering from Pancreatic and Gastrointestinal Cancer,” said Kevin Richardson II, Qualigen’s CEO.
QN-302 targets treatment for pancreatic and gastrointestinal cancers. The company also said it will share updates on additional patents as they are granted, noting some have been published while others remain under review.