(By Balachander) Medgenics Inc. (NYSEAMEX: MDGN), a protein-therapeutics medical technology company, said it has received a patent for core technology used in sustained delivery of Erythropoietin.
The U.S. Patent and Trademark Office (USPTO) granted method patents and allowance of key claims for Medgenics' EPODURE Biopump system for delivery of erythropoietin (EPO) and clotting Factor VIII proteins.
Medgenics is developing Biopump, a tissue-based platform technology for the sustained production and delivery of therapeutic proteins using the patient's own tissue for the treatment of a range of chronic diseases including anemia, hepatitis and hemophilia.
The global protein therapy market which is forecast to reach $132 billion in 2013.
Medgenics said its approach to protein therapy has multiple benefits compared with current treatments, which include regular and costly injections of therapeutic proteins.
In total, Medgenics' global portfolio now includes 36 patents issued, with 81 more pending.
Medgenics noted that similar claims covering EPODURE and HEMODURE have also been recently allowed in Japan, China, Korea and Australia.
On Wednesday, the stock jumped 8.45 percent to trade at $7.70. Over the past year, shares have been trading between $2.08 and $16.43.