Joint Research and Option for License Agreement Between NasVax Ltd. And Novartis Vaccines and Diagnostics
2/22/2010 12:26:48 PM
21 February, 2010 NasVax Ltd (TASE: NSVX) is pleased to announce that it entered into a Joint Research and Option for License Agreement (the "Agreement") with Novartis Vaccines and Diagnostics Srl. ("Novartis"), in which the parties will jointly investigate the feasibility of developing improved vaccines through incorporation of the Company's adjuvant technology (VaxiSomeTM), among which is an improved vaccine for Influenza (including Swine Flu). The Company also granted Novartis an option to acquire a non-exclusive license to use VaxiSome in connection with certain of Novartis' vaccines.
Erez Chimovits, CEO of NasVax, commented: “NasVax is delighted to be collaborating on this project with Novartis, one of the world’s five largest vaccine companies. This is another major step in realizing NasVax's strategy and vision of creating value by introducing its innovative technologies to the market through collaborations with world-leading vaccine manufacturers. We look forward to demonstrating VaxiSome's potential for improving the immunogenicity of key vaccines, thus leading to improved products of superior value.”
The parties will conduct joint research and in addition, the Company has granted Novartis an option to acquire a non-exclusive license to use the Company's adjuvant technology for the development of improved vaccines for certain indications in Novartis' existing vaccines portfolio (the "Option"). The Option will be exercisable for a period of up to 14 months after the Agreement's effective date and may be extended by Novartis requests under certain conditions. If exercised, a license will be granted to Novartis under such commercial terms as shall be agreed between the parties and that will include, among other things, milestone payments and royalties for the sales of vaccines marketed by Novartis that include the Company's technology.
Influenza is a respiratory disease of all ages, especially the elderly and infirm and children that infects hundreds of millions of people and kills hundreds of thousands worldwide every year.
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