SAN JOSE, Calif. - Anixa Biosciences, Inc. (NASDAQ: NASDAQ:ANIX), a biotechnology company specializing in cancer treatment and prevention, announced today that its collaborator, Cleveland Clinic, has been granted a new patent in Japan for a breast cancer vaccine technology. This development adds to the company’s intellectual property portfolio, which already includes patents in the U.S. and Europe.
The patent awarded by the Japan Patent Office, titled "Vaccine Adjuvants and Formulations," covers a vaccine that is currently undergoing a phase one clinical trial at Cleveland Clinic. The vaccine targets a protein known as α-lactalbumin, which is typically absent in non-lactating healthy breast tissue but can be found in certain breast cancers.
The technology aims to activate the immune system against this protein to provide protection against breast tumors that express it.
Dr. Amit Kumar, Chairman and CEO of Anixa, expressed the importance of the Japanese patent in providing additional protection for the technology as clinical development progresses. Anixa is the exclusive worldwide licensee of the vaccine technology, which was originally invented by the late Dr. Vincent Tuohy of the Cleveland Clinic's Lerner Research Institute.
The vaccine also includes an adjuvant that triggers an innate immune response, potentially preventing the growth of emerging tumors. Dr. Tuohy, who held equity in Anixa, was set to receive a portion of commercialization revenues from Cleveland Clinic.
Anixa's focus extends beyond breast cancer, with a portfolio that includes an ovarian cancer immunotherapy program and vaccines in development for the prevention of various intractable cancers. By collaborating with renowned research institutions, Anixa aims to explore and develop emerging technologies for commercialization.
In other recent news, Anixa Biosciences has been the focus of several significant developments. H.C. Wainwright recently adjusted its outlook on Anixa Biosciences, reducing the 12-month price target to $7.00 from the previous $12.00, but maintained a Buy rating.
This revision was based on Anixa's recent financial report and a new partnership for cancer vaccine development. The company disclosed a net loss of $3.1 million for the second fiscal quarter of 2024, which was below the anticipated loss of $3.5 million.
Anixa has also been advancing its Phase 1 clinical trial for a novel CAR-T therapy for ovarian cancer, with the fifth patient now under treatment. The trial, conducted in collaboration with Moffitt Cancer Center, targets the follicle-stimulating hormone receptor on ovarian cells.
Furthermore, Anixa has entered into a joint development agreement with Cleveland Clinic to create new vaccines targeting various cancer types, building on ongoing clinical trials for a vaccine against triple-negative breast cancer and pre-clinical work on an ovarian cancer vaccine.
Lastly, the company has added Dr. Sanjay Juneja, a renowned medical oncologist known for his media brand 'TheOncDoc,' to its Cancer Business Advisory Board.
InvestingPro Insights
Anixa Biosciences, Inc. (NASDAQ: ANIX) has shared promising news about expanding its intellectual property with a new patent in Japan for a breast cancer vaccine technology. As the company forges ahead with its phase one clinical trial, investors and stakeholders are keeping a close eye on Anixa's financial health and market potential. According to real-time data from InvestingPro, Anixa holds a market capitalization of approximately $101.04 million, which provides a sense of the company's size in the competitive biotech landscape.
An InvestingPro Tip highlights that Anixa is expected to see sales growth in the current year, which could be an encouraging sign for the company's future revenue stream, especially as it continues to develop its cancer treatment and prevention technologies. Furthermore, Anixa's significant return over the last week, with a price total return of 37.02%, suggests a strong performance in the short term, potentially reflecting positive investor sentiment following the patent announcement.
However, it's important to note that Anixa is not currently profitable, with a negative P/E ratio of -8.53, and analysts do not anticipate the company will be profitable this year. Additionally, the company's return on assets stands at -45.19% for the last twelve months as of Q2 2024, indicating challenges in generating profits from its assets. Despite these challenges, Anixa's liquid assets do exceed its short-term obligations, which can provide some reassurance about the company's ability to manage its immediate financial commitments.
To gain deeper insights and access additional InvestingPro Tips for Anixa Biosciences, including analysis on gross profit margins and net income projections, interested readers can visit InvestingPro. There are 10 additional tips available that could provide a more comprehensive view of the company's financial health and market potential. For those looking to take advantage of this information, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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