While the focus for most of last week and today has been centered around cryptocurrency and public offerings, biotech companies have been quietly making a killing. New deals, patents, expansions and clinical trial results have been pushing a great deal of medical stocks upward at impressive rates. Joining the ranks of big gainers today is Tyme Technologies(NASDAQ:TYME). Thanks to the announcement of a patent approval, TYME stock is soaring quite high.
Tyme is a Bedminster, New Jersey-based, small cap biotech outfit. The company develops cancer metabolism-based therapies, or CMBTs, which take advantage of cancer cells’ differing metabolic functions to kill them. The company is announcing today some great news in the form of apatent approval. The patent will protect Tyme’s development of its CMBT treatment product.
The company’s CMBT therapy is an oral therapy that combines tyrosine with a therapeutic agent. In essence, tyrosine is one of the non-essential amino acids on which cancer cells feverishly consume. Cancer cells need far more of these compounds because they don’t produce enough of their own. Since cancer cells metabolize far greater amounts of these non-essential components than the average cell, the therapeutic agent is more easily introduced to these cells. The agent then kills the cell.
TYME Stock Soars on Patent News
According to Tyme’s CSO, Steve Hoffman, the company plans to move forward with the development of the therapy in a way that is even safer and more effective than its current formula. All in all, this news is great for investors; with a patent secured, and an already promising initial product in the books, there are further growth prospects for TYME stock, which will attract new investors.
The news is already paying off nicely for TYME. The stock is up over 72% on the news, and volume is massively increasing. 214 million shares of TYME are changing hands today, far greater than the average 2.7 million.