Eyegate Pharmaceuticals Inc (NASDAQ: EYEG) is skyrocketing in the market early on this morning after announcing that it has been issued a patent. The patent is a key factor in protecting the company’s Iontophoretic Contact Lens. Of course, the news of the new intellectual property protection proved to be a source of excitement among investors, sending the value of the stock toward the top. Today, we’ll talk about:
- The patent that was issued to EYEG;
- what we’re seeing from the stock as a result;
- and what we’ll be watching for ahead.
EYEG Announces Patent News
As mentioned above, EyeGate Pharmaceuticals is having an incredibly strong start to the trading session this morning after the company announced the issuance of a new patent. In a press release issued early this morning, the company announced that the United States Patent and Trademark Office (USPTO) has issued the company a patent covering the utility of its iontophoretic contact lens. The new patent is entitled “Iontophoretic Contact Lens” and was issued on April 10, 2018.
The patent announced today is the first patent that covers an iontophoretic contact lens. In particular, EYEG said that the patent relates to a multi-layer contact lens for ocular therapy. These lenses comprise a reservoir adapted to contain an electrically-charged therapeutic compound and an electrode providing iontophoretic current to the charged compound to propel it into the ocular tissue. As a result, the company believes that the iontophoretic contact lense provides an easy and potentially improved technique when it comes to the delivery of therapeutic agents to the retina. In a statement, Stephen From, President and CEO at EYEG, had the following to offer:
The issuance of this new patent represents a significant milestone in the development of our proprietary iontophoretic contact lens…We believe that this technology, which could enable at-home administration of iontophoretic drugs, has the potential to significantly influence the future of ocular drug delivery by eliminating the need for intravitreal injections and reducing the number of doctor visits. We believe that the iontophoretic contact lens is particularly well-suited for the treatment of chronic retinal conditions, and have selected macular edema, which we believe is a large and underserved market, as our initial target indication.
What We’re Seeing From The Stock
With the news that EyeGate has been issued a new patent, providing it’s first line of protection for its iontophoretic contact lens, it’s no surprise to see that the stock is making a run for the top in the market today. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:00), EYEG is trading at $0.40 per share after a gain of $0.06 per share or 19.66% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on EYEG. In particular, we’re interested in following the continued development of the iontophoretic contact lens as well as the development of its ocular bandage gel. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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