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Cingulate Inc. (NASDAQ:CING) shares are surging, trading over 159% higher today. Here’s what’s driving the movement.
Why It’s Moving: Cingulate’s stock is soaring following the announcement that the company was granted European Patent No. 3261625 for its lead asset, CTx-1301, which is used in the treatment of Attention Deficit Hyperactivity Disorder (ADHD).
This patent expands Cingulate’s intellectual property portfolio to include up to 30 European territories, including the U.K., bolstering its presence in the global ADHD market.
What Else: The newly issued patent is a significant milestone for Cingulate as it seeks to broaden its reach beyond the U.S.
CEO Shane J. Schaffer emphasized the importance of this achievement as Cingulate prepares to file a new drug application (NDA) with the FDA.
CTx-1301 is designed to deliver three precisely timed release of medication throughout the day, aiming to provide full-day efficacy with a single tablet. This innovation addresses the challenge of maintaining medication effectiveness throughout an entire active day.
CING Price Action: Following the patent news, Cingulate’s stock has skyrocketed by 159.46%, trading at $4.80 per share at market close Thursday, according to Benzinga Pro.
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Posted In: CING
