Ever since Donald Trump got elected as the next President of U.S.A, biotech stocks have been on fire ! Some of the notable biotech stocks include Opko Health Inc (NASDAQ:OPK), MannKind Corporation (NASDAQ:MNKD), Novavax Inc (NASDAQ:NVAX), Amicus Therapeutics Inc (NASDAQ:FOLD) and Gilead Sciences (NASDAQ:GILD)
What really caught our attention was OncBioMune Pharmaceuticals Inc (OTCMKTS:OBMP). The company has been quickly moving towards becoming a revenue generating entity. Recently, OBMP has filed a series of updates for shareholders.
During the last week, the company announced that its patent application has been approved by the European Patent Office. The application was filed for using ProscaVax as a vaccine for cancer. The drug has been developed using OBMP’s protein and antigen platform technology. As a result of this approval, OncBioMune would now be able to exercise patent protection for the Prostate Specific Antigen, in 38-countries, across Europe. In addition to this, ProscaVax is being prepared for a phase-2 clinical trial, in the US. The trial population would comprise of patients having early stage prostate cancer.
Not only is OncBioMune working on the development of its drugs, the company has also been expanding its presence internationally. As per a recent announcement, the company is working towards acquiring Vitel Laboratories, S.A, a pharmaceutical company based in Mexico. It should be noted here that Vitel is at the revenue generating stage of development and would be able to contribute to OncBioMune’s financial health. The two entities have already been working under a joint venture agreement, to conduct a phase-2/3 trial of ProscaVax, which would eventually lead to the commercialization of the drug in Mexico. Further updates on the acquisition are expected to be released later this month.
Dr. Jonathan Head, the CEO of OBMP, stated that protecting their IPs was an integral part of their strategy towards becoming a global pharmaceutical brand. He also commented on the acquisition of Vitel, stating that the business represents significant value and offers multiple revenue streams, through a portfolio of licensed drugs, under different stages of commercialization in Mexico. The CEO further revealed that they plan to use these revenues to finance their current drug development programs.