The Imugene Limited (ASX: IMU) share price is sliding in negative territory today despite a positive company update.
At the time of writing, the immuno-oncology company's shares are down 7.18% trading at 36 cents. It's worth noting that Imugene shares have extended its losses to around 25% in the past month.
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Imugene secures patent protection
Investors are selling off the Imugene share price amid the broader market slump in the S&P/ASX 200 Index (ASX: XJO) today. The benchmark index is currently down 1.87% to 7,424.1 points, erasing all of this week's gains.
Nonetheless, Imugene provided the ASX with an upbeat announcement this morning, advising it had secured a patent in South Korea.
Approved by the South Korean Intellectual Property Office, the HER-Vaxx Immunotherapy patent will seek to further protect Imugene's intellectual property.
HER-Vaxx immunotherapy is B-cell activating immunotherapy designed to treat tumours that over-express the HER-2/neu receptor. Currently in development, the company is designing HER-Vaxx immunotherapy to treat gastric, breast, ovarian, lung and pancreatic cancers.
South Korea has one of the highest incidence rates of gastric cancer across the globe, according to Imugene. Approximately one in five cases are considered to be HER2 positive. This makes the country a very attractive market for gastric cancer medications.
The patent protects the method of composition and method of use of Imugene's HER-Vaxx immunotherapy for the next 15 years.
Notably, South Korea has been selected to conduct the next HERIZON Phase 2 clinical trial in 2022. The study will use HER-Vaxx in combination with chemotherapy or pembrolizumab in patients who have been diagnosed with gastric cancer.
Imugene managing director and CEO, Leslie Chong commented:
Attaining the key South Korean patent, on top of gaining protection in Japan and China in 2021, is a very important milestone. This will protect HER-Vaxx in the world's largest HER-2 positive gastric cancer markets until 2036.
Imugene share price snapshot
Despite today's fall, it has been a solid 12 months for the company's investors, with the Imugene share price lifting 280%. Its shares reached an all-time high of 62.5 cents in November, before moving on a downhill trend.
Based on today's price, Imugene has a market capitalisation of roughly $2.19 billion and approximately 5.77 billion shares on issue.
