Updated from 9:46 a.m. EDT
gained Friday morning after it announced that the U.S. Patent and Trademark Office issued the company a notice of allowance for a patent relating to methods of use of Ramoplanin to treat clostridium difficile-associated disease, or CDAD, a form of colitis.
The biopharmaceutical company expects an official patent issue to follow in the next several months. Oscient said the treatment is positioned for phase III development once partnership discussions wrap up. Upon Ramoplanin's approval in the U.S., Oscient said it expects that the patent term could last until Dec. 2024.
Oscient has 16 other pending and issued U.S. and foreign patents with claims relating to Ramoplanin formulations.
Shares of the microcap rose 4.2%, to $2.98 in morning trading Friday, but recently lost ground, falling 1.4% to a new 52-week low of $2.80.