Shares of Australia-based Alterity Therapeutics Ltd. (ATHE) are surging more than 152 percent or $1.75 in Monday's morning trade at $2.90.
Monday, Alterity Therapeutics said it has received approval of a U.S. patent for next generation compounds to treat neurodegenerative diseases.
The patent, entitled "Compounds for and Methods of Treating Diseases", covers over 150 novel pharmaceutical compositions that are designed to redistribute the labile iron implicated in Parkinson's disease, Alzheimer's disease and other neurodegenerative conditions.
The patent, which was filed in March 2020, underwent prioritized examination by the United States Patent and Trademark Office or USPTO. The patent confers on Alterity 20 years of exclusivity and will support the expansion of the company's drug development portfolio, including its most advanced compound, ATH434.
Alterity Therapeutics has traded in a range of $0.28 to $5.15 in the past 52 weeks.
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