What's Going On With Conduit Pharmaceuticals Shares Friday?

Conduit Pharmaceuticals, Inc. CDT shares were trading higher but have since reversed and began trading lower. The company announced it filed multiple patents related to VTAMA (tapinarof).

What To Know: The patents cover a new formulation of VTAMA designed to enhance treatment of inflammatory skin conditions by combining tapinarof with a complimentary drug that may help reduce pain and itch.

The move comes ahead of VTAMA's 2027 exclusivity expiration, or when generic versions could enter the market.

Dr. Joanne Holland, Chief Scientific Officer of Conduit Pharmaceuticals, said, “Whilst the current formulation is focused purely on underlying disease, our tapinarof cocrystal aims to offer a multifaceted approach addressing patient symptoms as well as disease. New composition of matter intellectual property, on a drug that could imminently face generic competition on near-term exclusivity expiry, could offer partners a strong position to exploit its market potential in the wider inflammatory and autoimmune space. We are now actively pursuing partnerships that can leverage this breakthrough intellectual property while we continue to advance our broader pipeline.”

The patent filings reinforce the company’s business model of identifying and enhancing clinically validated compounds with high commercial potential. The company has previously experienced success with its development of AZD1656 for autoimmune diseases.

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CDT Price Action: At the time of writing, Conduit shares are trading 7.48% lower $0.99, according to data from Benzinga Pro.

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