On October 4, 2018 Propanc Biopharma, Inc. (OTCQB: PPCB) ("Propanc Biopharma" or the "Company"), a clinical stage biopharmaceutical company focusing on development of new and proprietary treatments for cancer patients suffering from solid tumors such as pancreatic, ovarian and colorectal cancers, reported initiation of European (EP) validation of its lead patent in most major commercial markets in Europe (Press release, Propanc, OCT 4, 2018, View Source [SID1234529748]). EP validation is the process of converting a single granted European patent application into a national patent in one or more contracting member and extension states of the European Patent Convention.
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The Company’s lead patent, which describes a pharmaceutical composition for treating cancer, is currently undergoing validation in 14 European countries – Belgium, Czech Republic, Denmark, France, Germany, Ireland, Italy, Netherlands, Portugal, Spain, Sweden, Switzerland, Turkey and the United Kingdom. Once validated, the Company will have the rights associated with a granted patent in each of these 14 European countries.
"We continue to make significant progress with the growth of our intellectual property portfolio this year. In addition to commencing validation of our lead patent in Europe, we entered national phase with another two patents and are planning to enter a third into national phase later this year," said James Nathanielsz, the Company’s Chief Executive Officer. "A strong intellectual property portfolio is a cornerstone to a biotech company and will serve to increase the value of ours. In addition to growing our IP portfolio, we also recently initiated the next phase of our POP1 drug discovery program with the University of Jaén, our research partner, to develop a backup compound to our lead product candidate, PRP, which is set to enter clinical development. We continue to build a strong foundation for our Company and its potential for future growth for our shareholders, which is most important."