Shares of Devon-Based Zynerba Pharmaceuticals Surge After Firm Wins Patent

Armando Anido is the CEO of Zynerba Pharmaceuticals.

Devon-based Zynerba Pharmaceuticals saw its shares surge after it received a U.S. patent for its cannabidiol (CBD) gel to treat Autism Spectrum Disorders, writes Sam Wood for the Philadelphia Inquirer.

The company’s shares jumped nearly 20 percent to $13.86 following the announcement.

Since the start of the year, Zynerba’s shares have already risen by more than 350 percent from their January low of $2.75.

The newly awarded patent is a part of an expanding portfolio of intellectual property covering Zynerba’s synthetically-produced Zygel. The CBD drug is currently undergoing a Phase 2 study to evaluate its safety and effectiveness for autism.

The drug is applied to the skin as a lotion and has already received “fast track status” from the FDA to treat anxiety and other symptoms of Fragile X genetic disorder.

The gel produced by Zynerba is not derived from marijuana. Instead, its active ingredient is lab born and suspended in a clear-alcohol gel. The final product actually looks and smells like hand sanitizer.

According to Zynerba, Zygel includes a patented substance that allows it to penetrate into the skin in around 30 seconds.

Read more about Zynerba Pharmaceuticals in the Philadelphia Inquirer here.

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