Clovis Oncology Inc (NASDAQ: CLVS) is having an incredibly strong start to the trading session this morning, and for good reason. The company announced news with regard to a European patent and proceeding as a result of opposition to the patent this morning. The news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The patent news;
- what we’re seeing from CLVS stock as a result; and
- what we’ll be watching for ahead.
CLVS Announces Patent News
As mentioned above, Clovis Oncology is having an incredibly strong start to the trading session this morning after the company announced the results of proceedings. In a press release issued early this morning, the company said that after opposition proceedings in the Netherlands, the European Patent Office has upheld the claims of its patent No. 2534153. The patent protects certain crystalline forms of rucaparib camsylate. This includes rucaparib S-camsylate Form A, the crystalline form in Rubraca.
In the release, CLVS said that at the hearing, the Opposition Division upheld claims, narrowed from the originally granted patent, with regard to certain crystalline forms of rucaparib camsylate, including but not limited to the commercial product.
The company said that the European Opposition Division found patentability of the claimed forms based on the intensiveness of these crystalline forms and a constellation of unexpected properties. The news came after two opponents opposed the patent.
It is important to note that all parties have the opportunity to appeal the decision in writing within two months. CLVS seems prepared as they said in the release that they are expecting an appeal from the opposition.
In the release, the company said that in addition to the rucaparib camsylate patent protection through at least 2031 that was confirmed, the commercial form of Rubraca is also entitled to European regulatory exclusivity until at least 2028. If an indication in a second tumor type is approved, this exclusivity will be extended until 2029.
Finally, the company said that it has filed for a supplementary protection certificate extension on this rucaparib camsylate patent in various European countries. Should this application be approved, it would provide an extension of protection until 2033.
In a statement, Patrick J. Mahaffy, President and CEO at CLVS, had the following to offer:
We are very pleased with the outcome of the opposition proceedings today, but more importantly, we are gratified that the European Patent Office acknowledged the innovation behind this invention and upheld robust patent protection for Rubraca in Europe… This patent represents an important component of the intellectual property for Rubraca and we are happy that the Opposition Division upheld the relevant claims of the patent that cover the commercial form of Rubraca as well as other forms of rucaparib camsylate. We look forward to commercializing Rubraca in Europe and with this outcome, we are well-positioned to do so for a very long time.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. When it comes to Clovis Oncology, the news proved to be overwhelmingly positive. After all, the European decision to uphold claims means that the company’s patent protection is valid. Moreover, it means that even in the face of opposition, the IP is strong. So, it’s not surprising to see that excited investors are pushing the stock for the top in the market this morning. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (7:46), CLVS is trading at $20.58 per share after a gain of $1.50 per share or 7.86% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the iWatch Markets team will continue to keep a close eye on CLVS. In particular, we’re interested in following the story surrounding whether or not an appeal to this decision will be filed as well as the company’s ongoing efforts to expand the indication of Rubraca. Nonethelss, we’ll continue to follow the story closely and bring the news to you as it breaks!
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