Ultra-thinly traded micro cap SteadyMed (NASDAQ:STDY) jumps 40% premarket on robust volume in response to the news that the USPTO's Patent Trial and Appeal Board (PTAB) found that all 22 claims of United Therapeutics' U.S. Patent No. 8,497,393 ('393 patent) covering Remodulin (treprostinil) are unpatentable.
The '393 patent covers a process to further purify prostacyclin derivatives, such as treprostinil, the active ingredient in Remodulin and SteadyMed's lead product candidate Trevyent.
SteadyMed expects to file an NDA with the FDA this quarter. Collaboration partner Cardiome (NASDAQ:CRME) should file its marketing application in Europe later this year.
UTHR is off 11% on average volume.