Coherus Biosciences Inc (NASDAQ:CHRS) shares advanced 15.58% to $18.85 on Tuesday following a favorable decision from the US Patent and Trademark Office for ‘135 IPR.
Coherus Biosciences Inc (NASDAQ:CHRS) is a late-stage clinical biologics platform company focused on the global biosimilar market. The company develops and commercializes biosimilar products segment organized around therapeutic franchises.
The company recently shared that it received a favorable decision from US Patent and Trademark Office instituting their petition for inter partes review of AbbVie’s U.S. Patent 8,889,135 directed to a dosing regimen in which 40 mg of Humira is administered subcutaneously every 13 to 15 days to treat rheumatoid arthritis. Back in January, the Patent and Trial Appeal Board declined to review a patent on AbbVie’s Humira after rival Amgen put forth an inter partes review challenge.
“We welcome this PTAB decision, and are confident that this will lead to a final decision nullifying the ‘135 Patent, ” said Coherus Biosciences Inc (NASDAQ:CHRS) CEO Denny Lanfear. “We view this successful IPR institution, along with the US Patent Office’s recent decisions to award patents to Coherus for various embodiments of its adalimumab formulation technology, as clear validation of Coherus’ leadership in biosimilar intellectual property and the effectiveness of our platform. We will continue to aggressively press forward with the development and commercialization of our Humira biosimilar consistent with our corporate strategy.”
Earlier in the month, the company announced the appointment of Patrick O’Brien as Senior Vice President of Investor Relations, which also led to strong gains for the company stock then. O’Brien has more than 15 years of established buy-side and sell-side experience in investor relations and most recently led an award-winning biotechnology investor relations program. According to Lanfear, this appointment could enhance the company’s transformational year as they prepare for product registration filings and accelerate their second wave of products.
Coherus Biosciences Inc (NASDAQ:CHRS) shares have traded in a 52-week range of $12.04 to $38.10, signifying that there’s still significant upside if bullish pressure is sustained.