Propanc Health Group Corp (OTCMKTS:PPCH) reported that the company patent application for its lead product PRR received approval of the Australian Patent Office. This specific application highlights a pharmaceutical composition for cancer treatment containing various active agents like proenzymes trypsinogen and chymotrypsinogen.
The Australian Patent Office accepted the claims related to compositions and method of treatments. It is stated as a significant achievement as composition claims are generally difficult to patent and are reckoned more valuable commercially. Propanc’s PRP patent application is now accepted in Australia, South Africa and New Zealand, and under review in major global regions including the European Union and United States. The company reported that the recent patent approval in Australia will support its applications in other regions under examination.
Propanc intends to fast track the advancement of proenzyme associated oncology candidates into clinical studies for pancreatic and colorectal tumors initially. As per the Global Analyst Reports, the global market for colorectal cancer is projected to touch $8.8 billion by 2020 whereas the world pancreatic cancer market is estimated to surpass $1.2 billion by 2015.
The expert comments
James Nathanielsz, the CEO of Propanc Health Group Corp (OTCMKTS:PPCH), said that the entire management team is delighted with the recent patent approval in Australia. The combined market for colorectal and pancreatic cancer is approximately $10 billion and they believe PRP can bring a real change for cancer patients. Establishing a world class intellectual asset portfolio is the foundation for supporting this vision.
Propanc is working to formulate treatments for the people suffering from colorectal and pancreatic cancers. They have developed anti-cancer compounds formulation which exerts numerous effects to prevent or control tumors from recurring and scattering throughout the human body.
In last trading session, the stock price of Propanc surged more than 6% to close the trading session at $0.0395.