NLS Pharmaceutics (NASDAQ: NLSP) is a Switzerland-based, clinical-stage biopharmaceutical company that is focused on the research, discovery and development of innovative therapies to treat rare and complex central nervous system disorders. Shares of the Swiss biopharma company are soaring 76% through afternoon trading on Tuesday, January 4, 2022. Over the past three months, NLS Pharmaceutics has seen average daily volume of 850,750 shares. However, volume of 147.72 million shares or dollar volume of around $307.26 million, has already exchanged hands through late trading on Tuesday.
Shares of NLS Pharmaceutics are gaining after the company announced that it has been granted a U.S. patent for its Mazindol extended-release formulation of the company’s leading product candidate, Quilience. The United States Patent and Trademark Office granted NLS Pharmaceutics U.S. Patent No. 11207271, entitled A MAZINDOL IR/SR MULTILAYER TABLET AND ITS USE FOR THE TREATMENT OF ATTENTION DEFICIT/HYPERACTIVITY DISORDER (ADHD).
Specifically, the patent protects the company’s oral formula, which contains immediate-release and sustained-release layers of mazindol for the treatment of attention deficit hyperactivity disorder and narcolepsy. The latest patent joins NLS Pharmaceutics’ growing IP portfolio, whch now covers the U.S., Canada, Europe, and South Korea.
“Our intellectual property estate has been significantly strengthened since our initial public offering in February 2021, putting NLS in a solid position as we anticipate reporting Phase 2a results for Quilience® (mazindol ER) to treat narcolepsy in the first quarter of 2022,” said Alex Zwyer, Chief Executive Officer of NLS. “We now have issued patents in major markets including the U.S., Europe, Canada, and South Korea covering our extended-release formulation of mazindol. These recently issued patents augment the Orphan Drug Designations that have been granted for Quilience® in both the U.S. and Europe. Most patients with narcolepsy remain unsatisfied with current treatment options, and we believe that Quilience® has potential to fill a major need in the market given mazindol’s history of safety and evidence of effectiveness in treating the symptoms of narcolepsy. We remain focused on bringing this treatment option to patients suffering from narcolepsy and potentially other sleep-wake disorders as soon as possible.”
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