On Friday, Propanc Health Group Corp. (OTC: PPCH) announced it is moving forward with patent applications in the United States and Europe with its proprietary technology designed to treat certain forms of cancer. This month, the Melbourne, Australia-based company has seen its OTC stock nearly quadruple in price as it advances in its patent application in two of the world's largest markets for pharmaceutical sales.
Propanc has received grant status in South Africa. It has also received notification from U.S. and European patent offices that key features of the company's technology are patentable. Management expects to receive a grant of patent in each region covering as many aspects of its proprietary technology.
The U.S. and Europe account for over 60 percent of global pharmaceutical sales.
The company has developed a "composite formulation of anti-cancer compounds which enable and support a host of cancer treatment options," according to its website. Its approach to treatment involves proenzymes, which are inactive precursors of enzymes. The formulation could have anti-cancer effects.
The stock's target range could move beyond 0.50 in late 2014, depending on the results of its patent filing. Outside of the U.S., Europe, and South Africa, Propanc is actively seeking patent protection in Japan, Brazil, China, Mexico, Hong Kong, Israel, Chile, Peru, Malaysia, Vietnam, Indonesia, India, Australia, New Zealand and South Korea.
"Propanc intends to submit its principal proenzyme treatment to the rigorous, formal non-clinical and clinical development and trial processes required to obtain the regulatory approval necessary to commercialize that formulation," according to Friday's press statement.
"I am pleased that our substantial efforts and pioneering research into the effects of proenzymes as a treatment against metastatic cancer have resulted in recognition by the Patent Offices in the US and Europe of the novelty of our claims," said CEO James Nathanielsz.
The Australian-based company shares a joint intellectual property ownership arrangement with its research partner in the United Kingdom, the University of Bath.