Kraig Biocraft Laboratories Inc. (OTCMKTS:KBLB) jumped 4% after announcing an EU patent protection grant for the company’s recombinant spider silk tech. This is a major milestone for the company in commercializing spider silk in the EU, which is a leading consumer market.
With the protection, the company will now have enhanced control in using the innovative spider silk materials. Besides protections for Kraig Biocraft’s main focus in textiles and fibers, the growing patent list allows the company to expand into a range of applications for unique properties provided through spider silk.
COO Join Rice stated that the patent protection for the company’s recombinant spider silk in Europe is a massive milestone. He explained that Europe is a single consumer market where it has secured IP protection for its spider silk. Rice said that based on the interest they are witnessing, they expect it to be one of the major markets to introduce spider silk-based products to consumers. So, in the coming weeks, KBLB is worth keeping an eye on.
Market Reaction:
On Friday, KBLB stock moved up 4.67% at $0.0785 with more than 795K shares, compared to its average volume of 1.54 million shares. The stock has moved within a range of $0.0770 – 0.0800after opening the trade at $0.0800.
