Nyrada (ASX:NYR) says the European Patent Office (EPO) has issued a Notice of Intention to grant the company's patent application number EP18768188.7.
The company said the application covers novel compounds it has developed that act as inhibitors of PCSK9 to enable a reduction in LDL (bad) cholesterol levels.
"The patent is expected to be granted by the EPO once the final administrative steps have been completed," said the company.
"The composition of matter patent will provide protection for Nyrada's intellectual property (IP) relating to its PCSK9 inhibitor technology until 16 March 2038.
"The granting of this patent will strengthen the Company's ability to pursue commercial negotiations with pharmaceutical companies," it said.
The company has a corresponding patent in the US.
CEO James Bonnar said, "Nyrada is pursuing an active IP strategy for its Cholesterol-Lowering program and making timely progress. As we get closer to clinical testing of our PCSK9 inhibitor technology in healthy volunteers, it is prudent to have our IP protection in place to support our business development position. I am delighted that Nyrada's PCSK9 inhibitor technology will soon be protected in two substantial markets, the US and Europe.
"Although the primary objective of the Phase I study is to evaluate our drug candidate for safety and tolerability, we will also assess blood cholesterol levels as a secondary endpoint to determine the drug's efficacy."
