[Market Highlight] Shinpoong Pharm Surges Over 20% on European Patent for COVID-19 Treatment

Shinpoong Pharm surged sharply in early trading on June 17. This comes after its antimalarial drug 'Pyramax' (pyronaridine phosphate-artesunate) successfully obtained a new use patent from the European Patent Office (EPO).

As of 9:35 a.m. on this day, Shinpoong Pharm was trading at 12,810 won, up 2,950 won (29.92%) from the previous trading day.

The previous day, Shinpoong Pharm announced that it had received the EPO patent decision for Pyramax as a 'pharmaceutical composition for the prevention or treatment of epidemic RNA virus infectious diseases.'

With this patent, Pyramax has been recognized for its efficacy not only against COVID-19 but also against various coronavirus-related respiratory infectious diseases, including Severe Acute Respiratory Syndrome (SARS) and Middle East Respiratory Syndrome (MERS).

In March, Shinpoong Pharm also completed the registration of the same composition patent in China for both COVID-19 and MERS infections.