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Why did Histogen (HSTO) stock rise 37% today?

Histogen (NASDAQ:HSTO) the stock is up on Friday after securing a patent for CTS-2090.

The patent is titled “Caspase Inhibitors and Methods of Using Them”. It covers the company’s selective and orally active anti-inflammatory caspase inhibitors, including CTS-2090. The patent protects these products until 2040.

Alfred Spada, EVP and CSO of Histogen, had the following to say about the patent news:

“We are delighted that this important patent has been granted. It builds on Histogen’s growing portfolio of proprietary caspase inhibitors which includes U.S. Patent No. 11,447,497 issued September 2022. This previously issued patent discloses a broad class of novel pan-caspase inhibitors with properties unique chemicals.

Of note, CTS-2090 showed potent oral activity in a well-characterized model of ulcerative colitis. It also has strong support as an anti-inflammatory against damage to the gastrointestinal tract.

What does this mean for HSTO stock

With this patent protection, Histogen is building a strong portfolio of drugs to treat patients. This can lead to increased revenue for the company because its products are protected while they are marketed.

That got investors excited, with HSTO shares trading heavily on Friday. Some 1.5 million shares are changing hands at the time of this writing, compared to its daily average of 69,000 shares.

HSTO stock rose 36.9% in premarket trading on Friday.

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As of the date of publication, William White had no position (directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.


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