Shares of Quantum eMotion rose after it said it has received a key U.S. patent approval for its core data-security technology while advancing the software through compliance testing in Canada and the U.S.

Shares were recently trading 9.2% higher in Toronto at 2.72 Canadian dollars ($1.93).

The company said Wednesday that it has received a notice of allowance from the U.S. Patent and Trademark Office for its SecureKey technology, a cryptographic technology designed to secure encryption keys while in active use.

At the same time, Quantum confirmed that the software has entered testing with an accredited laboratory under the supervision of the U.S. National Institute of Standards and Technology and the Canadian Centre for Cyber Security, two national standard agencies.

The module currently holds an Implementation Under Test designation, marking a key regulatory step toward formal validation. The company cautioned, however, that the designation doesn't constitute a validation or certification, and that there isn't any assurance of any particular outcome.