Neothetics Inc (NEOT) Receives New US Patent; Shares Rose 28%
Neothetics Inc (NASDAQ:NEOT) shares took off Wednesday, rising nearly 30%, after the small biotech firm announced the issuance of U.S. Patent Number 9,597,531 by the United States Patent and Trademark Office (USPTO). This patent is directed to specific methods of using LIPO-202 and other agents for the reduction of fat accumulation. The ’531 patent is expected to expire no earlier than the fourth quarter of 2031, extending the coverage time of the company’s intellectual property portfolio. This is the eighth issued U.S. patent directed to Neothetics’ lead product candidate LIPO-202, which is being evaluated for the reduction of submental fat.
“This patent further strengthens our comprehensive intellectual property portfolio protecting our lead clinical asset, LIPO-202,” said Martha J. Demski, a member of Neothetics’ Operating Committee and Board of Directors.
Neothetics, Inc. operates as a holding company, which provides clinical-stage specialty pharmaceutical and developing therapeutics for the aesthetic. It focuses on localized fat reduction and body contouring. The company products include LIPO-202, is a injectable formulation of the long-acting ß2-adrenergic receptor agonist, salmeterol xinafoate. Neothetics was founded by John D. Dobak in February 2007 and is headquartered in San Diego, CA.