Ocean Biomedical, Inc. (NASDAQ: OCEA) is engaged as a biopharmaceutical company, which is focused on the development and commercialization of innovative treatments for life-threatening diseases. Shares of the biopharma company are soaring 46% through early trading on Thursday, April 13, 2023. Over the past three months, Ocean Biomedical has seen average daily volume of 2.14 million shares. However, volume of 13.1 million shares or dollar volume of around $87.64 million, has already exchanged hands through early trading.
Shares of Ocean Biomedical are climbing after the company announced that its co-founder and member of the board of directors, Dr. Jonathan Kurtis, MD, has received a Notice of Allowance from the U.S. Patent and Trademark Office (USPTO) for a patent application on a new therapeutic and prophylactic monoclonal antibody that is capable of killing falciparum malaria parasites. Ocean Biomedical says they anticipate the patent to be officially issued in the coming months.
The news comes as Dr. Kurtis and Ocean Biomedical build upon a monumental discovery that PfGARP is a potential effective vaccine target to treat malaria. Dr. Kurtis was then able to discover and produce a monoclonal antibody that is capable of binding to PfGARP and ultimately triggers the malaria parasite to kill itself.
Dr. Kurtis and his team will now work on further developing the monoclonal antibody as a potential therapeutic drug for severe malaria infection, as well as for individuals living in regions that are known for short malaria transmission seasons.
“Inducing parasite cell death via targeting PfGARP is a novel approach that has potential to launch a whole new class of anti-malarials, including mRNA-based vaccines, small molecules and the current monoclonal antibody,” said Dr. Kurtis. “Our monoclonal comes at a critical time because malaria parasites are developing resistance to current frontline therapeutics, and because the currently approved vaccine offers only very limited protection.”
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