Shares of Sinobiomed Inc. (OTCBB: SOBM) jumped up in early trading today after announcing that its subsidiary was granted a Chinese patent. Shares of SOBM were up 25 cents (9 percent) to $3.07 per share on volume of just over 554,000 shares.
SOBM announced in a press release this morning that Shanghai Wanxing Bio-pharmaceuticals Co. Ltd., the company’s 82 percent owned subsidiary, has received the patent grant notice from the State Intellectual Property Office of the People’s Republic of China for “a purified recombinant batroxobin with high bioactivity.”
Natural batroxobin is the world’s most prescribed biological anti-bleeding agent, but also has high production costs and safety concerns. In China, natural batroxobin currently has more than 80 percent of the domestic market.
rBAT is the world’s first batroxobin synthesized through gene recombination. Shanghai Wanxing’s low-cost, high-yield production process enhances bioactivity and guarantees the highest levels of purity. Shanghai Wanxing developed rBAT to prevent and treat surgical bleeding; it is now in Phase II Clinical Trials.
“The State Intellectual Property Office’s granting of this patent for recombinant batroxobin confirms Sinobiomed’s ability to identify unmet or underserved medical needs and develop innovative, patentable products to meet them,” said Banjun Yang – president and CEO of SOBM – in a statement.
SOBM is a leading Chinese developer of genetically engineered recombinant protein drugs and vaccines. Based in Shanghai, SOBM currently has 10 products approved or in development: two on the market, one approved and market ready, four in clinical trials and three in research and development. The company’s products respond to a wide range of diseases and conditions, including malaria, hepatitis, surgical bleeding, cancer, rheumatoid arthritis, diabetic ulcers and burns, and blood cell regeneration.
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