TheraCryf PLC on Wednesday confirmed it had been awarded a Composition of Matter patent in Europe for a new drug treating mental health conditions.
The Macclesfield, England-based clinical stage drug development company focused on oncology and neuropsychiatry described the patent as ‘the strongest form of intellectual property available’.
The European Patent Office will issue a formal grant for TheraCryf’s drug, the ’Ox-1’ receptor anatagonist, on December 18. The drug was developed by British biotech firm Chronos Therapeutics Ltd, which was acquired by TheraCryf back in April.
Ox-1 inhibits the effect of the neurochemical orexin on the brain. Production of orexin and stimulation of the orexin 1 receptor has been linked to anxiety, addiction and other mental health conditions, suggesting ox-1 could provide effective treatment for these disorders.
TheraCryf said the drug was currently at late pre-clinical stage and was ‘the most selective orexin 1 receptor antagonist thus far discovered’. The company did not specify a predicted date for the drug’s approval for medical use.
TheraCryf shares were down 3.8% at 0.52 pence each on Wednesday afternoon in London.
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