Ocean Biomedical (NASDAQ: OCEA), a next-generation biopharma company working to accelerate the development and commercialization of compelling new biopharma discoveries, has been spotlighted in a recent Fundamental Research Corp. (“FRC”) report. The equity analyst report increased FRC’s price target of OCEA stock to $17.63 per share, up from its March 2023 of $16.40. According to the report, the uptick was based on several things, including Ocean Biomedical’s $25 million financing facility announced last month; the company being granted two new U.S. patents and one Brazilian patent for drug and vaccine candidates targeting malaria and cancer treatment; positive results from an independent study demonstrating that OCEA “antibodies can suppress glioblastoma (brain) tumor growth by 60%”; and the company’s plans to move forward with the manufacturing and IND-enabling studies needed to submit applications to the FDA to initiate human clinical trials and its diversified development pipeline. The FRC report also noted that the company has received 25 patents and has an additional 38 patent applications currently pending. “We are pleased to see our cumulative efforts and growing strengths recognized by Fundamental Research Corp.’s analyst coverage, especially the diverse potential of our core cancer, fibrosis, and infectious disease programs,” said Ocean Biomedical cofounder and executive chair Dr. Chirinjeev Kathuria in the press release.
In addition, the company recently announced that a broad U.S. patent has been issued to Dr. Jack A. Elias, MD, one of the OCEA’s scientific cofounders. The patent covers bispecific antibodies targeting chitinase 3-like-1 (“CHi3L1”) and programmed cell death protein 1 (“PD-1”), “a promising new approach that has emerged from prior breakthrough discoveries that CHi3L1 is a ‘master regulator’ of tumor growth in multiple visceral cancers.” According to the announcement, these bispecific antibodies have been shown to synergistically kill tumor cells at levels dramatically exceeding the effectiveness of either the anti-CHi3L1 antibody or the anti-PD-1 antibody alone in multiple cancer types and multiple animal models. The patent has been granted for a range of cancers, including prostate, colon, rectal, ovarian, kidney, breast, glioblastoma, melanoma and lung.
To view the full press release, visit https://ibn.fm/ZVNKU
About Ocean Biomedical Inc.
Ocean Biomedical is a Rhode Island-based biopharma company with an innovative business model that accelerates the development and commercialization of scientifically compelling assets from research universities and medical centers. Ocean Biomedical deploys the funding and expertise to move new therapeutic candidates efficiently from the laboratory to the clinic, to the world. Ocean Biomedical is currently developing five promising discoveries that have the potential to achieve life-changing outcomes in lung cancer, brain cancer and pulmonary fibrosis, as well as the prevention and treatment of malaria. The Ocean Biomedical team is working on solving some of the world’s toughest problems, for the people who need it most. To learn more, visit www.OceanBiomedical.com.
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