What caused shares of Nyrada (ASX: NYR) to rally over 21% on Tuesday?

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What caused shares of Nyrada (ASX: NYR) to rally over 21% on Tuesday?

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NYR to be granted European patent
Image source: © Arcady31 | Megapixl.com

Highlights

  • Nyrada has secured a Notice of Intention from the EPO for its recent patent application seeking protection of its PCSK9 inhibitor technology until 2038.
  • Inhibition of PCSK9 improves the body’s ability to clear harmful LDL cholesterol from the bloodstream
  • Granting of the patent will boost the company’s capacity to carry out commercial negotiations with pharmaceutical companies

Shares of Nyrada Inc (ASX: NYR), a preclinical stage drug discovery and development company, rallied over 21% to AU$0.200 on Tuesday after the company shared an upbeat market update.

The biotech company has received a Notice of Intention from the European Patent Office (EPO) for the grant of a patent application regarding the protection of Nyrada’s PCSK9 inhibitor technology until 2038.

With this development, the company is one step closer to gaining protection in the European market for the novel compounds that act as inhibitors of Proprotein convertase subtilisin/kexin type 9 (PCSK9).

Related read: Nyrada (ASX: NYR) boasts of robust cash position of A$11.1M

PCSK9 and its importance

A naturally produced protein, PCSK9 plays a key role in regulating LDL (low-density lipoprotein).

An increased amount of LDL cholesterol in the body can result in heart attack and stroke. It restricts blood flow as it accumulates on the artery walls, leading to fatalities.

PCSK9 degrades the LDL receptors (LDLR) which increases the level of LDL cholesterol in the bloodstream. Therefore, it is very important to inhibit the protein so that there is more amount of working LDL receptors and less cholesterol in the blood.

Nyrada’s oral PCSK9 inhibitor holds great potential to replace costly and inconvenient PCSK9 injectable drugs and serve as a next-generation alternative to it.

CEO of Nyrada, James Bonnar commented:

Nyrada is pursuing an active IP strategy for its Cholesterol-Lowering program and making timely progress. As we get closer to clinical testing of our PCSK9 inhibitor technology in healthy volunteers, it is prudent to have our IP protection in place to support our business development position. I am delighted that Nyrada’s PCSK9 inhibitor technology will soon be protected in two substantial markets, the US and Europe.”

He also added that, although the principal objective of the Phase I study is to evaluate the company’s drug candidate for safety and tolerability, Nyrada will also determine the drug’s efficacy by assessing blood cholesterol levels as a secondary endpoint.

Also read: WFL, OSL, AVE: Three ASX healthcare stocks with over 20% QTD returns

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