Benzinga | Jan 6, 2022 05:06AM EST

Alterity Therapeutics Shares RIse 32% After Company Announced it Was Granted New US Patent for Compounds for Neurodegenerative Diseases Including Parkinson's and Alzheimer's

Alterity Therapeutics ((ASX: ATH, NASDAQ:ATHE) ("Alterity" or "the Company"), a biotechnology company dedicated to developing disease modifying treatments for neurodegenerative diseases, today announced the United States Patent and Trademark Office (USPTO) has granted a new patent (No.11,155,547) to Alterity.

The composition of matter patent, entitled "Compounds for and Methods of Treating Diseases", underwent prioritized examination by the USPTO. The patent covers more than 80 novel compounds and secures exclusivity for a new class of iron chaperones designed to redistribute the excess iron implicated in many neurodegenerative diseases, including Parkinson's disease and Alzheimer's disease.

"We continue to identify new drug candidates to expand our portfolio and protect our therapeutic approach to address neurodegeneration," said David Stamler, M.D., Chief Executive Officer, Alterity. "With the granting of this patent and another composition of matter patent last year, we are establishing a strong foundation as a leader in targeting iron for potential disease modifying therapy for important neurodegenerative diseases such as Parkinson's and Alzheimer's."

The patent will provide Alterity with exclusivity over the compounds claimed in the patent through 2041, thus providing a strong basis for drug development and commercialization in major neurodegenerative diseases.

In addition to the US, the company is pursuing patent protection in other jurisdictions.