Seelos Therapeutics Inc (NASDAQ:SEEL) shares advanced on Monday as the biopharma group reported on patent news for its SLS-005 drug, known as trehalose.
The group is focused on advancing various therapeutics to address unmet medical needs for central nervous system (CNS) disorders and other rare conditions.
READ: Seelos Therapeutics shares gain as it receives Orphan Drug designation for SLS-005
In a brief statement, Seelos said it had received a 'Notice of Allowance' from the United States Patent and Trademark Office (USPTO) to allow claims, which cover the composition of matter and method of use for trehalose (SLS-005) for a number of conditions.
The conditions are Spinal and bulbar muscular atrophy (SBMA); Dentatombral-pallidoluysian atrophy (DRPLA), Pick's disease, corticobasal degeneration (CBD), progressive supranuclear palsy (PSP), frontotemporal dementia, or parkinsonism linked to chromosome 17 (FTDP-17).
Monday's share price gain came after a strong advance on April 30 when Seelos revealed it had received Orphan Drug Designation from the US Food & Drug Administration (FDA) for SLS-005 as a treatment for patients with Type A and B versions of Sanfilippo syndrome, a childhood disorder that triggers fatal brain damage. The designation offers a number of advantages for firms, including access to various incentives like tax credits for qualified clinical testing.
SLS-005 has already been granted ODD status by the FDA, as well as the European Medicines Agency (EMA), for the treatment of Spinocerebellar Ataxia Type 3 and Oculopharyngeal Muscular Dystrophy.
New York-based Seelos said it has also submitted an application to the FDA requesting Rare Pediatric Disease Designation for SLS-005 and is awaiting the regulator’s response.
Seelos shares in New York were nearly 2% higher in early deals at $0.63.
Contact the author at giles@proactiveinvestors.com