|Possible Acorda patent extension. EDAP and Collaboration Partners Awarded Grant|
|By Mary Davila|
|Thursday, 14 April 2011 20:06|
Amid optimism due to a possible patent extension on its multiple sclerosis drug, Ampyra, company shares of Acorda Therapeutics Inc (NASDAQ:ACOR) jumped 27 percent before being halted as the U.S. Patent and Trademark Office issued an update on its website titled "reasons for allowance."
The patent, if extended through to 2024, would be worth at least $10 a share. Acorda shares rose $5.71 to $27.13 before being halted on the Nasdaq stock market.
EDAP TMS SA (Nasdaq:EDAP), announced the European Union's Eurostars Program has awarded Euro 1.1 million to the Epitarget AS, a Norwegian Company, French academic laboratory INSERM, and EDAP. The funds will be used for the program's ultrasound triggered drug delivery technology from laboratory to patient.
The technology comprises a nanocarrier designed to transport drug to tumors and an ultrasound device to activate drugs after accumulation in solid tumors, thereby facilitating drug delivery. In the current project, a clinical ultrasound prototype will be developed and further safety and efficacy studies will be conducted with the nanocarrier in animal models. The prototype nanocarrier is a sonosensitive liposome containing a cancer drug currently in use for treatment of breast cancer and the liposome will allow encapsulation of other type of drugs addressing a variety of pathologies.