Graft Polymer (UK) PLC - London-based developer and producer of alloyed polymers, biological supplements and drug delivery systems - Files US patent applications for the treatment of substance abuse disorders and mental health disorders using depot drug delivery systems. Graft Polymer says the patent applications aim to leverage its biopolymer expertise in mental health therapy and the treatment of addiction. It is seeking to develop its intellectual property portfolio as part of its new focus on the healthcare industry following the disposal of its industrial plastic manufacturing unit, Graft Polymer DOO.

The patent applications also come as Graft Polymer raises £1.8 million from the placing of 1.80 billion new shares at 0.10 pence each. The new shares represent 78% of the company’s expanded total of 2.30 billion shares. ‘In recent months, the company has sought to address the challenges it has faced as a result of very difficult trading conditions and an extremely constrained working capital position,’ Graft Polymer explains. It adds that it is evaluating a shortlist of five potential commercial partners as part of an operational review.

Current stock price: 0.21p, up 47% in London on Thursday

12-month change: down 87%

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