Why Bullfrog AI Shares Are Soaring Tuesday

Bullfrog AI Holdings Inc BFRG shares are ripping higher Tuesday after the company announced the issuance of a patent for novel prodrugs of mebendazole and their use in treating cancer.

What To know: On Aug. 1, the United States Patent and Trademark Office (USPTO) will issue U.S. Patent No. 11,712,435 protecting the company's novel prodrugs derived from mebendazole. 

"This patent grant further strengthens intellectual property protection of our carefully curated and strategically acquired licensed product portfolio," said Vin Singh, founder and CEO of BullFrog AI. 

Bullfrog AI licensed intellectual property from Johns Hopkins University in October 2022, which gave the company the rights to commercialize prodrugs of mebendazole that demonstrate improved solubility and bioavailability.

"We look forward to working with strategic partners to monetize this promising asset for the treatment of glioblastoma and other oncology indications," Singh added. 

See Also: Biogen Q2 Earnings Tops Expectations, Shift Resources To Higher Value Area(s), Layoff 1K Staff

BFRG Price Action: Bullfrog AI shares were up 47.4% at $5.11 at the time of writing, per Benzinga Pro.

Photo: StockSnap from Pixabay.