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PALO ALTO, CA - 180 Life Sciences Corp. (NASDAQ:ATNF), a micro-cap company with a market capitalization of just $4.94 million transitioning its focus toward the iGaming sector while managing a portfolio of biotechnology assets, announced today the receipt of a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a novel method aimed at preventing or reducing Post-Operative Cognitive Dysfunction (POCD).
POCD is a common complication among elderly patients post-surgery, often leading to issues like memory loss, concentration impairment, and delirium. The patent application, numbered 17/556,584, describes a method that involves administering an anti-Human tumor necrosis factor (TNF) Alpha monoclonal antibody before and during surgical procedures to potentially mitigate POCD, specifically its manifestation as delirium.
The Notice of Allowance indicates that the USPTO has found the application to meet all patentability requirements, although the company cautions that the formal issuance of the patent is pending the completion of administrative procedures, and a final grant is not yet guaranteed.
CEO Blair Jordan highlighted the importance of this development, stating, "This Notice of Allowance highlights the underlying value of our legacy biotechnology assets and reflects the strength of intellectual property that continues to underpin 180 Life Sciences." He underscored the company’s commitment to enhancing stockholder value through its intellectual property portfolio, even as it pivots to the iGaming sector. InvestingPro analysis indicates the company faces profitability challenges, with analysts not anticipating profitability this year. Get access to 7 more exclusive ProTips and comprehensive financial analysis with an InvestingPro subscription.
The company believes that the potential patent could protect a significant therapeutic approach to an area with a notable lack of effective treatments. Meanwhile, 180 Life Sciences is also advancing its strategic shift by focusing on acquiring and developing online casino and related entertainment businesses through its proprietary Technology Gaming Platform.
The announcement is based on a press release statement and does not imply endorsement of the company’s claims. The patent’s final approval and its potential impact on the company’s shift towards the iGaming sector and its existing biotechnology portfolio remain to be seen.
In other recent news, 180 Life Sciences Corp. has announced a significant agreement to repurchase and cancel 1,318,000 of its outstanding shares, representing approximately 23.1% of the company’s total shares. This move is part of a settlement with Elray Resources, Inc. and Luxor Capital, LLC, aimed at reducing shareholder dilution and simplifying the company’s capital structure. The company plans to fund this $1 million transaction through future capital raises by April 2026. Additionally, 180 Life Sciences has amended the separation agreement with its former CEO, James N. Woody, replacing a future cash payment with an immediate issuance of 43,166 shares of restricted common stock valued at $60,000. In another development, Ryan Smith has been appointed as Lead Independent Director with an annual compensation of $20,000, and Blair Jordan’s role as CEO has been confirmed with an increased salary of $240,000 per year. These strategic moves come as the company pivots from biotechnology to the iGaming industry, focusing on its Technology Gaming Platform. The agreement with Elray also includes a voting alignment with the company’s Board of Directors and an irrevocable proxy to CEO Blair Jordan.
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