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Corcept Therapeutics Shares Rise 25% on Favorable U.S. Patent Office Ruling

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Shares of Corcept Therapeutics reached a new 52-week high after the firm reported that the U.S. Patent Trial and Appeals Board affirmed that all claims pertaining to its U.S. Patent No.10,195,214 are valid.

Commercial-stage pharmaceutical company Corcept Therapeutics Inc. (CORT:NASDAQ), which is focused on discovering and developing medicines that modulate the effects of the stress hormone cortisol to treat patients with severe metabolic, oncologic and psychiatric disorders, announced today that "the Patent Trial and Appeal Board (PTAB) of the U.S. Patent and Trademark Office has issued a decision upholding the validity of all claims of U.S. Patent No. 10,195,214, 'Concomitant Administration of Glucocorticoid Receptor Modulators and CYP3A Inhibitors' (the '214 patent')." The firm noted that the '214 patent will expire in the year 2037.

Corcept Therapeutics' CEO Joseph K. Belanoff, M.D., commented on the ruling, "We are gratified by the PTAB's decision...The '214 patent is directed to an important medical discovery that, with dose-adjustment as set forth in its FDA-approved label, Korlym can be safely co-administered with medications known as strong CYP3A inhibitors, including commonly-prescribed antiviral, antibiotic, antifungal and antidepressant medications. Patients with Cushing's syndrome often experience significant co-morbidities. We are glad that our research has increased the array of medications available to the physicians who treat them."

The company indicated that excessive activity of the hormone cortisol is a primary cause of hypercortisolism, which is frequently referred to as Cushing's syndrome. The firm advised that "endogenous Cushing's syndrome (CS) is an orphan disease that most often affects adults aged 20-50." Corcept Therapeutics noted that there are approximately 20,000 patients in the U.S. who have CS. The company explained that though CS symptoms vary, "most patients experience one or more of the following physical manifestations: high blood sugar, diabetes, high blood pressure, upper-body obesity, rounded face, increased fat around the neck, thinning arms and legs, severe fatigue and weak muscles." Psychological symptoms also present often as well including increases in anxiety, cognitive disturbances, depression and irritability. The firm noted that "hypercortisolism can affect every organ system in the body and can be lethal if not treated effectively."

Corcept Therapeutics is based in Menlo Park, Calif., and is a commercial-stage company engaged in the discovery and development of drugs that modulate the effects of the hormone cortisol. The firm stated that "Korlym was the first drug approved by the U.S. Food and Drug Administration for patients with Cushing's syndrome." The company reported that "it has discovered a large portfolio of proprietary compounds that selectively modulate the effects of cortisol and that it owns extensive U.S. and foreign intellectual property covering the composition of its selective cortisol modulators and the use of cortisol modulators to treat a variety of serious disorders."

Corcept Therapeutics began the day with a market capitalization of around $2.2 billion with approximately 116.2 million shares outstanding and a short interest of about 15.1%. CORT shares opened 20% higher today at $22.45 (+$3.79, +20.319%) over yesterday's $18.66 closing price and reached a new 52-week high price this morning of $23.55. The stock has traded today between $21.37 and $23.55 per share and is currently trading at $23.40 (+$4.74, +25.40%).

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