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Zynerba Pharmaceuticals Inc (NASDAQ:ZYNE) shares were advancing Tuesday after the company notched a new U.S. patent for its cannabidiol product candidate, ZYN002 transdermal gel.
What Happened
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The biotech, which develops transdermal cannabinoid therapies for rare and near-rare neuropsychiatric disorders, said the U.S. Patent and Trademark Office issued a patent related to using a therapeutically effective amount of synthetic or purified CBD for treating Fragile X Syndrome, or FXS.
FXS is a genetic condition that causes developmental problems, including learning disabilities and cognitive impairment.
The patent is valid till 2038.
Incidentally, Zynerba said last week the International Intellectual Property Organization issued a patent on CBD-based pharmaceutical composition to treat osteoarthritis.
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Zynerba is enrolling patients in a multinational, randomized, double-blind and placebo-controlled study dubbed CONNECT-FX to evaluate the efficacy and safety of ZYN002 in FXS patients ages 3-17 with full mutation of the FMR1 gene.
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"The primary endpoint is the change from baseline to the end of the treatment period in the Aberrant Behavior Checklist-Community FXS Specific Social Avoidance subscale," according to the company.
What's Next
Zynerba said it expects top-line data from the study in the second half of 2019.
ZYNE002 is being tested for several indications apart form FXS. Phase 2 data for a study evaluating the candidate for developmental and epileptic encephalopathies is due in the third quarter.
The company also plans to initiate midstage studies of the investigational asset in autism spectrum disorder and 22q11.2 deletion syndrome in the first half of 2019.
Zynerba shares were up 8.53 percent at $5.47 at the time of publication Tuesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.