SAN RAMON, Calif., April 22, 2015 (GLOBE NEWSWIRE) -- SteadyMed Ltd. (Nasdaq:STDY) a specialty pharmaceutical company, today announced the issuance of a new patent from the United States Patent and Trademark Office (USPTO) and receipt of a Patent Term Extension. The patent provides additional intellectual property protection through June 2028 for SteadyMed's PatchPump platform technology, which is the drug administration system for its lead drug product candidate Trevyent®, for the potential treatment of the orphan disease pulmonary arterial hypertension (PAH).
"The expansion of our intellectual property covering our PatchPump platform technology is a key component of our long-term strategy to develop and commercialize our drug product candidates," said Jonathan M. N. Rigby, President and CEO of SteadyMed. "We are also delighted to be receiving an additional 705 days of protection on the term of this newly issued patent as granted by the USPTO."
This patent, U.S. patent number 9,011,376, provides coverage for the use of volume changing battery cells, such as the company's proprietary Ecell™, to drive drug-delivery devices in order to administer drugs to patients via various routes of administration wherein the delivery rate can be very precisely controlled by an electrical circuit.
About SteadyMed
SteadyMed Ltd. is a specialty pharmaceutical company focused on the development of drug products to treat orphan and high value diseases with unmet parenteral delivery needs. The company's lead drug product candidate is TrevyentTM, a development stage drug product that combines SteadyMed's PatchPump technology with treprostinil, a vasodilatory prostacyclin analogue to treat pulmonary arterial hypertension. PatchPump is a proprietary, disposable, parenteral drug administration platform that is prefilled and preprogrammed at the site of manufacture. SteadyMed has offices in San Ramon, California and Rehovot, Israel.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, among others, statements concerning the company's ability to advance its development-stage product candidates, including Trevyent. Forward-looking statements reflect the Company's current views with respect to certain current and future events and are subject to various risks, uncertainties and assumptions that could cause actual results to differ materially. Risks and uncertainties include, but are not limited to, the risk that drug development involves a lengthy and expensive process with uncertain outcome. The risks, uncertainties and assumptions referred to above are discussed in detail in our reports filed with the Securities and Exchange Commission, including our Prospectus which was declared effective on March 19, 2015. The Company does not undertake to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date hereof except as may be required by law.