Stellar allowed Uracyst patent in U.S.
Stellar Pharmaceuticals (OTCBB: SLXCF) has received a Notice of Allowance from the U.S. Patent and Trademark Office for intellectual property central to its Uracyst treatment of interstitial cystitis/painful bladder syndrome. The patent will expire in 2024.
The issuance of the patent triggers a milestone payment of $1.3 million (U.S.) from Stellar’s U.S. marketing and distribution partner, Watson Pharmaceuticals (NYSE:WPI). Watson is completing clinical development of the drug in the U.S.
“With Uracyst patents already issued in the U.S., Canada, China, and Australia, and with numerous additional international patents pending, the U.S. patent expands Stellar’s already formidable intellectual property estate,” CEO Peter Riehl said in a statement.
“This Notice of Allowance further validates the innovative nature of Stellar’s approach to the treatment of interstitial cystitis/painful bladder syndrome, and underscores our company’s leadership in this field,” he added.