The Australian grant represents PMC-309's third global patent approval since it received grants from Russia in June 2021 and South Korea in July 2021. The Company also plans to get more patents approved in other countries, including the U.S, Canada, China, Japan, European nations, and etc.

PMC-309 is a first-in-class antibody that antagonizes VISTA (V-domain Ig Suppressor of T cell Activation) and is in development to treat various tumor types. VISTA plays a pivotal role in maintaining the immunosuppressive environment around the tumor cells and is expressed primarily on immunosuppressive cells, such as MDSC (Myeloid-Derived Suppressor Cells) and Tregs (regulatory T cells). Blocking VISTA pathways on immunosuppressive cells promotes T cells' immune responses and leads to better anti-tumor effects.

According to the nonclinical data of PMC-309 presented at AACR (American Association for Cancer Research) 2021, PMC-309 showed promising anti-tumor effects comparable to an existing anti-PD-1 drug. However, when used in combo with an anti-PD-1 drug, PMC-309 demonstrated significantly improved tumor growth inhibitions than either mono therapies.

In April 2021, PharmAbcine initiated IND-enabling studies of PMC-309. The studies are required to establish the safety profile in animals before entering the human trial. The Company expects to enter a Phase I global trial in 2022.

"This patent grant is one of the key milestones that underlines our approach to help patients with unmet medical needs with a novel first-in-class antibody candidate and builds stronger intellectual property position in the immuno-oncology field," said Dr. Jin-San Yoo, CEO of PharmAbcine. "Our team believes that PMC-309, with its unique mode of action that does not overlap with the existing drugs, will be a new treatment option in both mono and combo therapies for patients who do not respond well to the current immunotherapies."