Ocean Biomedical Stock Jumps 69% After Patent For Cancer Immunotherapy Treatment

Ocean Biomedical Stock Jumps 69% After Patent For Cancer Immunotherapy Treatment

May 23, 2023

Shares of Ocean Biomedical (OCEA) are gaining 69% on Tuesday morning trade after the company announced that Dr. Jack A. Elias, MD, the company’s Scientific Co-founder, has been granted a comprehensive patent for his ground-breaking cancer immunotherapy discovery, related to the reversal of immune system suppression through the binding of chitinase 3-like-1 (CHi3L1) polypeptides with Ocean Biomedical’s exclusive immunoglobulin antibody.

Ocean Biomedical is currently trading at $8.91, up 69.44 percent or $3.65, on the Nasdaq in its regular trading session. The stock opened its trading at $7.30 after closing Monday’s trading at $5.26. The stock has traded between $3.06 and $26.60 in the past 52-week period.

This approach has demonstrated the ability to inhibit the growth of primary and metastatic tumors in various animal models and holds promise for treating different forms of visceral cancers.

Ocean Biomedical has developed a distinctive oncology platform that encompasses various strategies for stimulating natural anticancer immune responses by targeting and inhibiting CHi3L1. The company’s monoclonal antibody plays a significant role in this platform, offering broad applicability and potential in the field of cancer treatment.

The patent covers a range of cancer types, including prostate cancer, colon cancer, rectal cancer, ovarian cancer, kidney cancer, breast cancer, glioblastoma, melanoma, and lung cancer. The newly added claims align with existing patents and emphasize the composition of monoclonal antibodies that specifically target and inhibit CHi3L1.

Source: Read Full Article