Shares of TherapeuticsMD Inc. (TXMD) are soaring over 17% in pre-market today, after the company announced that the United States Patent and Trademark Office has issued a patent that covers the labeled indication for ANNOVERA, the first and only long-lasting, patient-controlled, procedure-free, reversible prescription contraceptive option for women.
TherapeuticsMD has 30 days to submit the formal paperwork to have this patent listed in the U.S. FDA's Approved Drug Products with Therapeutic Equivalence Evaluations, commonly known as the Orange Book.
In addition to this patent, which provides protection through 2039, the company added that ANNOVERA contains segesterone acetate, a "new chemical entity," which qualifies ANNOVERA for FDA regulatory exclusivity through August 2023 under the Hatch-Waxman Act.
The stock has been trading between $0.85 and $4.69 for the past one year, and closed Tuesday's trade at $0.99, up 1 cent or 1.30%. TXMD is currently trading at $1.16, up 17 cents or 17.33% in the pre-market trading session.
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