NLS Pharmaceuticals Ltd. (NASDAQ: NLSP) stock gained by 5.53% at last close whereas the NLSP stock price declines by 10.48% in the pre-market trading session. NLS Pharmaceutics Ltd. is a medical pharmaceutical business with a track history of generating and repurposing product candidates to address uncommon and difficult central nervous system diseases.
What’s happening with NLSP stock?
The United States Patent and Trademark Office has granted NLS Pharmaceutics a Notice of Allowance for patent application No. 16/083,131. The patent will include oral formulations with instant and sustained-release layers of mazindol when it becomes effective. It will also cover their effect in the field of attention deficit disorders (ADD or ADHD), associated alertness deficits or vigilance declines, and excessive daytime drowsiness (e.g., narcolepsy, idiopathic hypersomnia).
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After the USPTO determines that a patent should be awarded based on an application, a Notice of Allowance is issued. The patent will be awarded in the fourth quarter of 2021 and will last until March 2037. If the patent is registered, NLS will include it in the FDA’s Approved Drug Products with Therapeutic Equivalence Evaluations, or Orange Book, given its current clinical development projects to gain regulatory clearance.
Alex Zwyer, Chief Executive Officer of NLSP commented,
They are delighted to have obtained this Notice of Allowance from the USPTO for their unique mazindol formulation as they go on with the production of Quilience (mazindol ER) for the treatment of narcolepsy and possibly other sleep-wake disorders. They were awarded comparable patents previously this year in both the European Union and Canada, and they anticipate that the issue of this patent would provide Quilience with intellectual property rights across the main markets in their growth strategy. They think that their exclusive position on Quilience is robust, considering the patent estate and Orphan Drug Designations in both the United States and Europe.