SAN FRANCISCO - Jaguar Health, Inc. (NASDAQ:JAGX) has been granted a new patent by Jordan's Industrial Property Protection Directorate for the use of crofelemer in treating certain gastrointestinal conditions, the company announced today. The patent covers methods for treating short bowel syndrome (SBS), bile acid diarrhea, and diarrhea resulting from small intestine resection or gallbladder removal using crofelemer, Jaguar's plant-based prescription drug.
The new patent is seen as an enhancement to the intellectual property portfolio of Jaguar's family company, Napo Pharmaceuticals, for crofelemer's use in rare disease indications such as SBS. Lisa Conte, Jaguar's founder, president, and CEO, expressed satisfaction with the issuance of the patent, highlighting its importance for the company's focus on SBS as a core rare disease target indication.
Jaguar is currently backing independent, investigator-initiated proof-of-concept studies for crofelemer in treating SBS with intestinal failure and microvillus inclusion disease (MVID), an extremely rare congenital diarrheal disorder. These studies are taking place in the United States, European Union, and Middle East/North Africa regions, with results anticipated by the end of 2024 and continuing into 2025. According to Conte, findings from these studies could potentially facilitate early patient access to crofelemer in specific EU countries for these debilitating conditions.
SBS patients with intestinal failure often require parenteral nutrition, and the condition is linked with significant morbidity, mortality, and healthcare costs. MVID currently has no approved drug treatments and necessitates intensive support for affected infants.
Napo holds a portfolio of approximately 173 issued patents and 60 pending, with crofelemer being the only oral plant-based medicine approved under the FDA's Botanical Guidance. This approval provides an additional exclusivity advantage, as the practicalities involved limit the pathway for producing a generic version of the drug.
Crofelemer, derived from the sap of the Croton lechleri tree in the Amazon (NASDAQ:AMZN) Rainforest, is currently FDA-approved for symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy under the brand name Mytesi®.
This news is based on a press release statement from Jaguar Health, Inc.
In other recent news, Jaguar Health has announced a new patent for crofelemer, a plant-based prescription drug used in treating short bowel syndrome and related conditions. This addition strengthens the company's intellectual property portfolio, which now comprises approximately 172 issued patents and around 61 pending applications. The company's subsidiary, Napo Pharmaceuticals, is currently supporting independent proof-of-concept studies for crofelemer across the US, EU, and Middle East/North Africa regions, with results expected by the end of 2024 and throughout 2025.
Furthermore, Jaguar Health reported a 16% increase in net revenue for Q2 2024 compared to Q1 2024, totaling approximately $2.72 million. This represents a 2% increase from Q2 2023. Despite this revenue growth, the company reported a net loss of $8.8 million in non-GAAP recurring EBITDA for Q2 2024.
Additional recent developments include the successful Phase III OnTarget trial results of its drug crofelemer and the upcoming commercial launch of Gelclair for oral mucositis in October 2024. The company is also preparing for the commercial launch of Gelclair in the oncology market and is working on expanding the label for crofelemer based on recent trial results. These are the recent developments at Jaguar Health.
InvestingPro Insights
As Jaguar Health, Inc. (NASDAQ:JAGX) pursues the expansion of its intellectual property portfolio with the new patent for crofelemer, investors may be looking at the company's financial health and market performance to gauge its potential. According to recent data from InvestingPro, Jaguar Health has a market capitalization of $10.71 million. The company's revenue for the last twelve months as of Q2 2024 stands at $10.19 million, although it has experienced a revenue decline of 7.89% over the same period. Despite these challenges, the gross profit margin remains high at 79.79%, indicating a strong ability to control the cost of goods sold relative to sales.
InvestingPro Tips for Jaguar Health suggest caution due to the company's significant debt burden and rapid cash burn rate, which could impact its ability to sustain operations without additional financing. Moreover, the stock exhibits high price volatility, and analysts do not expect the company to be profitable this year. However, it's worth noting that Jaguar's liquid assets do exceed its short-term obligations, providing some cushion for immediate financial obligations.
For those interested in a deeper analysis, InvestingPro offers additional insights and tips on Jaguar Health. There are currently 14 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/JAGX. These tips could provide investors with a more comprehensive understanding of the company's financial situation and market performance.
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