Shares of Zynerba Pharmaceuticals (NASDAQ:ZYNE) were shooting 18.9% higher as of 10:57 a.m. EDT on Tuesday. The big jump came after the biotech announced that it received a new patent for treating autism spectrum disorders using synthetic cannabidiol (CBD).
Any patent victories for biotechs focusing on the development of cannabinoid drugs are important since CBD oils are widely available to consumers. Patent protection gives drugmakers more ammunition to fend off potential rivals.
Zynerba has already received a key U.S. patent for treating Fragile X Syndrome by administering a therapeutically effective amount of synthetic or purified CBD. This earlier patent combined with the company’s latest patent strengthens the company’s intellectual property rights surrounding its lead candidate, transdermal CBD gel Zygel.
Today’s patent win was just the latest in a string of good news for Zynerba. Investment firm Roth Capital upgraded the biotech stock in late April because of the promise for Zygel. Less than a week later, the Food and Drug Administration (FDA) granted Fast Track Designation to Zygel for the treatment of behavioral symptoms associated with Fragile X syndrome.