Last week proved to be an incredible week for iBio after the company announced that it had received a notice from the US patent office letting them know that their patent had been approved. Today, we’ll talk about the patent that created all the hype, what we’re seeing in the market today, and what we can expect to see in the market moving forward.
iBio Receives Positive Notice From US Patent Office
Last week, iBio announced that it had received a notice from the US patent office with regard to their application for a monoclonal antibody. According to the announcement, the patent had been approved for issuance on August 26th. The company’s goal is to treat influenza infections through the use of monoclonal antibodies that react to a specific protein that’s vital to the replication of viral cells. Following the announcement of the patent approval, Wayne P. Fitzmaurice, Ph. D. and vice president of iBio’s intellectual property had the following to say…
“The antibody covered by this patent is designed to block critical functions of the influenza virus necessary for virus replication… Current public health strategies for influenza include annual preventative vaccination and in some cases, the use of small molecule drugs for treatment of infected individuals. However, because preventive vaccination reaches only a part of the population, vaccines vary in effectiveness to prevent disease, and drug-resistant influenza strains pose increased risk, there is a global need for new, more effective therapeutic biologics that block the replication of influenza virus directly in those who become infected.”
What We’re Seeing In The Market As A Result
Following the news, IBIO climbed in the market; gaining more than 20% in a single day. After the gains, we saw a slight correction on Friday. However, the stock has continued on a bullish path today. Currently (1:33), IBIO is trading at $0.80 per share after a gain of 2.70% so far today.
What We Can Expect To See Moving Forward
Moving forward, I’m expecting to see more gains. While the momentous movement we saw last week as the patent information was released is surely gone, the stock has already corrected; bringing it down to a sustainable rate. From here, we should see slow and steady gains as investors await more news with regard to what IBIO plans to do in order to combat the influenza virus.
What Do You Think?
Where do you think IBIO is headed and why? Let us know in the comments below!