What's Sending Alterity Therapeutics Shares Higher?
Shares of Australian biopharma Alterity Therapeutics Limited (NASDAQ: ATHE) were trading solidly higher Thursday. What Happened: Alterity announced the U.S. Patent and Trademark Office granted the company a new composition of matter patent, which secures a broad monopoly over a new class of iron chaperones. The technology involved is capable of redistributing excess iron in the central nervous system. Excess iron in the brain, according to the company, is responsible for many important neurodegenerative diseases, such as Alzheimer's and Parkinson's diseases. The patent covers more than 150 novel pharmaceutical compositions that are designed to redistribute the labile iron implicated in many neurodegenerative conditions. Related Link: 14 Biotech Stocks To Watch Over The Next 6 Months  Why It's Important: The patent confers on Alterity 20 years of exclusivity, providing a strong basis for drug development and commercialization in major neurodegenerative diseases. The company said it is on track to launch the Phase 2 trial of its lead clinical candidate ATH434 by the end of the year. ATH434 is a small molecule drug being developed for multiple system atrophy, a form of atypical parkinsonism where iron plays a key role. ATHE Price Action: Alterity shares were rallying by 57.69% to $2.05 at last check Thursday. Related Link: The Week Ahead In Biotech: Mediwound, Provention FDA Decisions, IPOs, Pending Clinical Readouts In Focus