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PROVIDENCE, R.I. - Ocean Biomedical, Inc. (NASDAQ: OCEA), a micro-cap biotech company with a market capitalization of $2.9 million specializing in the development of treatments for cancer and other diseases, announced today that it has received a patent grant from the China National Intellectual Property Administration (CNIPA). According to InvestingPro data, while the stock has gained over 25% in the past week, it’s currently trading at $0.08, significantly below its 52-week high of $4.08. This patent is for the company’s innovative bispecific antibodies targeting CHI3L1 and PD1, which are believed to improve the immune system’s response to tumor cells.
The patent covers the design and therapeutic use of these antibodies that simultaneously inhibit CHI3L1 and PD1. These molecules play a significant role in tumor cells’ ability to evade the immune system. By blocking these pathways, the company’s antibodies aim to enhance the effectiveness of T cell-mediated destruction of cancer cells, potentially leading to longer-lasting responses and improved patient outcomes.
Chirinjeev Kathuria, Chairman of Ocean Biomedical, expressed enthusiasm about the patent grant, which he sees as a critical step in the company’s strategy to expand its global reach. He emphasized the novelty and therapeutic promise of their bispecific antibody platform, suggesting it could significantly impact the field of cancer immunotherapy.
The company’s technology addresses the limitations of current immunotherapies by targeting both CHI3L1 and PD1, which could lead to stronger and more sustained tumor control. This approach may substantially improve survival rates for patients with limited treatment options.
Ocean Biomedical has a history of securing intellectual property rights in key markets, including the United States and Europe. The company is focused on using its patent portfolio to further the development and commercialization of new immunotherapies. InvestingPro analysis shows the company maintains a "Fair" overall financial health score, though it faces challenges with short-term obligations exceeding liquid assets. Subscribers can access 11 additional ProTips for deeper insights into the company’s financial position.
Ocean Biomedical is committed to collaborating with researchers, biopharmaceutical partners, and regulatory agencies to expedite the translation of its research into potentially life-saving treatments.
This announcement is based on a press release statement from Ocean Biomedical, Inc.
In other recent news, Ocean Biomedical, Inc. has made several noteworthy announcements affecting its financial and corporate structure. The company has permanently reduced the conversion price on a $400,000 portion of its promissory notes from $1.50 to $0.01 per share, a strategic move that could increase the number of outstanding shares if the investor opts to convert the note into equity. Additionally, Ocean Biomedical issued Series A redeemable convertible preferred stock through a private placement, with each share priced at $0.01 and convertible into common stock, subject to a proposed reverse stock split. This issuance is primarily designed to facilitate shareholder voting on the reverse stock split proposal.
In governance-related developments, the company announced changes to its board of directors, with several members, including Amy Griffith, not seeking reelection. Ocean Biomedical is actively searching for two independent directors to fill the resulting vacancies. The company has also amended its bylaws to reduce the quorum requirement for shareholder meetings to one-third of the outstanding shares, simplifying the process of conducting these meetings. Furthermore, Ocean Biomedical disclosed the sale of unregistered equity securities, although specific details about the transaction were not provided. These recent developments highlight the company’s ongoing efforts to manage its capital structure and governance effectively.
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