VIENNA, Austria, Sept. 25 /PRNewswire/ -- Intercell AG announced the completion of the next step in implementing the strategic alliance with Novartis which was initiated in July 2007. A EUR 40 m option fee agreed with Novartis was received by Intercell today. Together with the EUR 150 m equity investment made in September 2007 and the EUR 80 m option fee and upfront licence fee paid in November 2007, the payment brings the cash received to date by Intercell under its strategic alliance with Novartis to a total of EUR 270 m.
“After the payment of all costs associated with the recently completed acquisition of IOMAI Corporation, Intercell’s cash position is now more than EUR 200 m. We also expect our cash position by the end of 2008 to be around EUR 200 m. This secures the optimal speed of all development programs and the strategic growth of the company,” states Werner Lanthaler, CFO of Intercell.
About the Intercell-Novartis cooperation
In July 2007, Intercell and Novartis signed a major strategic partnership to accelerate innovation in the development of vaccines against infectious diseases. The partnership grants Novartis option rights to future vaccine candidates discovered by Intercell during the long-term collaboration.
About Intercell AG
Intercell AG is a growing biotechnology company that designs and develops novel vaccines for the prevention and treatment of infectious diseases with substantial unmet medical needs. The Company’s technology platforms include an antigen-discovery system, two proprietary adjuvants and a novel patch-based delivery system. Based on these technologies, Intercell has strategic partnerships with a number of global pharmaceutical companies, including Novartis, Merck & Co., Inc., Wyeth, Sanofi Pasteur, Kirin and the Statens Serum Institut.
The Company’s lead product is a vaccine against Japanese Encephalitis. That vaccine successfully concluded pivotal Phase III clinical trials in 2006, and Intercell is seeking marketing approval in the United States, Europe and Canada. Approval in those markets is anticipated during the second half of 2008.
The Company’s development pipeline includes Phase II vaccine programs for Pseudomonas (in-house development) and S. aureus, which is being developed with Merck & Co. Inc. The Company’s novel Travelers’ Diarrhea vaccine patch will enter Phase III testing in 2009. Intercell is also in clinical trials of a vaccine enhancement patch with injected pandemic influenza vaccines (one shot plus patch). In addition, five other products focused on infectious diseases are in preclinical development.
Intercell is listed on the Vienna stock exchange under the symbol “ICLL”.
For more information, please visit: http://www.intercell.com
This communication expressly or implicitly contains certain forward-looking statements concerning Intercell AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of Intercell AG to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Intercell AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
CONTACT: Lucia Malfent, Head of Corporate Communications of Intercell AG,
+43-1-20620-303, LMalfent@intercell.com
Web site: http://www.intercell.com/
