Ocean Biomedical Inc (NASDAQ:OCEA) shares are trading higher Tuesday after the company announced a patent award for novel cancer immunotherapy treatment.
What Happened: Ocean Biomedical co-founder Jack Elias was issued a broad patent for a cancer immunotherapy discovery that involves the company’s proprietary immunoglobulin antibody.
The discovery is related to reversing immune system suppression by binding chitinase 3-like-1 polypeptides with the antibody, which has been shown to suppress primary and metastatic tumor growth in multiple animal models and could also potentially be used in various forms of visceral cancers.
The patent was granted for prostate cancer, colon cancer, rectal cancer, ovarian cancer, kidney cancer, breast cancer, glioblastoma, melanoma and lung cancer.
“This pathway discovery is an unprecedented leap forward, because if you control CHi3L1, you don’t just control one anti-cancer pathway, you simultaneously control many anti-cancer pathways,” Elias said.
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OCEA Price Action: Ocean Biomedical shares were up 21.7% at $6.40 at the time of publication, according to Benzinga Pro.
Photo: Konstantin Kolosov from Pixabay.
