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Shield shares rise as Teva withdraws patent oppositions
19th Oct 2020 09:12
(Sharecast News) - Commercial-stage pharmaceutical company Shield Therapeutics updated the market on its opposition proceedings with Teva Pharmaceutical Industries on Monday, confirming that Teva had withdrawn its appeal and opposition over two of Shield's patents.
The AIM-traded firm said it had received notice that Teva had withdrawn both its appeal against the European Patent Office's decision on Shield's patent number 2668175, which covers a 'process for preparing an iron hydroxypyrone', and its opposition to Shield's patent number 3160951, which covers 'crystalline forms of ferric maltol'.
With respect to patent number 2668175, 'process for preparing an iron hydroxypyrone', the company said the withdrawal of the appeal meant that the decision by the Opposition Division of 3 April 2019 had become final, and that the patent would be maintained as amended on 14 March 2019.
Further to the withdrawal of the opposition to European patent number 3160951, 'crystalline forms of ferric maltol', Shield said the European Patent Office confirmed that it had no cause to continue the proceedings of its own motion, and that the hearing was thus cancelled.
That meant that the patent would be maintained as granted, and would continue to provide protection through to October 2035.
"We are delighted that the European Patent Office has decided not to continue proceedings following the withdrawal of the opposition by Teva, and saw no reason to amend the patent as originally granted," said Shield's general counsel, Lucy Huntington-Bailey.
"This publicly demonstrates the validity of the patent and the strength of defence that Shield provided to robustly defend its patents."
At 0906 BST, shares in Shield Therapeutics were up 8.2% at 144.45p.
The AIM-traded firm said it had received notice that Teva had withdrawn both its appeal against the European Patent Office's decision on Shield's patent number 2668175, which covers a 'process for preparing an iron hydroxypyrone', and its opposition to Shield's patent number 3160951, which covers 'crystalline forms of ferric maltol'.
With respect to patent number 2668175, 'process for preparing an iron hydroxypyrone', the company said the withdrawal of the appeal meant that the decision by the Opposition Division of 3 April 2019 had become final, and that the patent would be maintained as amended on 14 March 2019.
Further to the withdrawal of the opposition to European patent number 3160951, 'crystalline forms of ferric maltol', Shield said the European Patent Office confirmed that it had no cause to continue the proceedings of its own motion, and that the hearing was thus cancelled.
That meant that the patent would be maintained as granted, and would continue to provide protection through to October 2035.
"We are delighted that the European Patent Office has decided not to continue proceedings following the withdrawal of the opposition by Teva, and saw no reason to amend the patent as originally granted," said Shield's general counsel, Lucy Huntington-Bailey.
"This publicly demonstrates the validity of the patent and the strength of defence that Shield provided to robustly defend its patents."
At 0906 BST, shares in Shield Therapeutics were up 8.2% at 144.45p.