PrimaBioMed Jumps 10% As Company Receives Japanese Patent Grant

Shares of Prima BioMed Ltd (ADR) PBMD were trading higher by more than 10 percent early Monday morning after the Australia-based biotechnology company announced it has received a patent from the Japanese Patent Office.

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Prima BioMed said that the Japanese Patent Officer granted patent number 5908210 entitled "Use of Recombinant LAG-3 or the Derivatives thereof for Eliciting Monocyte Immune Response." The company added that the patent relates to its lead product, IMP321, and its uses either alone, or in combination, for immunotherapeutic or chemotherapeutic purposes to induce an increase in circulating monocyte numbers in order to protect against cancer.

Prima BioMed also noted that the patent supports the use of IMP321 as it is being used in a AIPAC trial in metastatic breast cancer.

The patent is scheduled to expire on October 3, 2028.