02:18 PM EDT, 03/27/2024 (MT Newswires) -- Moleculin Biotech ( MBRX ) shares were up 11% in recent Wednesday trading after the company said it was due to receive a US patent covering a method for preparing its drug Annamycin.

The company said it had received a notification from the US Patent and Trademark Office that a patent would be issued on April 9 with a base term extending until June 2040. The patent will be issued to Moleculin and the University of Texas System Board of Regents.

"We believe this critical milestone is very well timed, as it removes a major risk element in the overall assessment of the potential asset value for Annamycin just in time for the potential partnering discussions which we expect to have in the near future," Moleculin Chief Executive Walter Klemp said in a statement.

Moleculin is developing Annamycin as a treatment for acute myeloid leukemia and soft tissue sarcoma lung metastases.

Price: 5.20, Change: +0.52, Percent Change: +11.11