(Reuters) - The U.S. patent office granted Amarin Corp a patent for its key experimental heart drug, sending the biopharmaceutical company’s shares up as much as 15 percent.
The United States Patent and Trademark Office (USPTO) issued a Notice of Allowance for Amarin’s AMR101 drug, the company said in a statement on Tuesday.
A Notice of Allowance is issued after the USPTO decides that a patent can be granted from an application.
“Amarin’s plan consists of continuing to pursue additional patent protection, seeking regulatory exclusivity ... with the goal of protecting the commercial potential of AMR101 to 2030 and beyond,” Chief Executive Joseph Zakrzewski said.
The USPTO had in February rejected a separate patent application for the drug, which is an ultra-purified form of omega-3 fatty acid from fish oil that helps lower triglycerides -- a blood fat that contributes to heart disease alongside cholesterol.
Amarin shares, which have almost doubled in value in three months, were up 10 percent at $11.73 on Tuesday afternoon on the Nasdaq. They had touched a high of $12.29 earlier in the session.
Reporting by Kavyanjali Kaushik in Bangalore; Editing by Joyjeet Das