STOCKHOLM, Sweden--(BUSINESS WIRE)--Regulatory News: Medivir AB (STO:MVIRB) has succeeded in transferring the licensing agreement on the anti-HIV compound MIV-160 from Guangdong Lantai-Viewland Pharmaceutical Co. Ltd. to Beijing Mefuvir Medicinal Technology Co. Ltd, a subsidiary of one of China’s largest condom manufacturers. The company will develop MIV-160 for HIV prophylactic and therapeutic use.
MIV-160 belongs to the group of polymerase projects which are administered by its subsidiary Medivir HIV Franchise AB.
“The continuing HIV/AIDS epidemic calls for a wide use of condoms with extra safety. The annual consumption of condoms in China is 2.8 billion. MIV-160 effectively inactivates HIV when applied as an extra shield of protection on a condom. All this put together explains why we have chosen to let a dominant condom producer take on the development of MIV-160" says Prof. Bo Oberg, CEO of Medivir HIV Franchise AB.
“In the current situation while China faces a potential HIV epidemic, we see tremendous opportunities in developing MIV-160 for condom coating, as a vaginal microbicide and for therapeutic application” comments Zhang Wenyao, Chairman of the board, Tianjin Human-Care Latex Corporation and Beijing Mefuvir Medicinal Science Co. Ltd. and Dr. Wang Xuehai, Chairman of the board, Wuhan Humanwell Hi-Tech Industry Co. Ltd.
The royalty rates and other licensing conditions remain the same as with Medivir’s former partner, but Medivir returns the right to obtain 4% ownership in Guangdong Lantai-Viewland Pharmaceutical Co. Ltd. and instead receives an equivalent right to obtain a 5% ownership in Beijing Mefuvir Medicinal Technology Co. Ltd.
Beijing Mefuvir Medicinal Technology Co. Ltd is a subsidiary to Tianjin Human-Care Latex Corporation, one of the largest condom manufacturers in China. Beijing Mefuvir and Tianjin Human-Care Latex Corporation are part of the Wuhan Humanwell Hi-Tech Industry, traded on the Shanghai Stock Exchange.
About Wuhan Humanwell Hi-Tech Industry Wuhan Humanwell Hi-Tech Industry is traded at the Shanghai Stock Exchange (trading code: 600079) with a market cap of 3.7 billion RMB (June 14 2007). The Group consists of Wuhan Humanwell Pharmaceutical Co. Ltd.; Yichang Humanwell Pharmaceutical Co. Ltd.; Hubei Gedian Humanwell Pharmaceutical Co. Ltd.; Huashan Humanwell Pharmaceutical Co. Ltd.; JISSBON (Wuhan) Sanitary Product Co. Ltd.; Tianjin Human-Care Latex Corporation; Wuhan DONDE Estate development corporation. Etc. The Group’s principal activities are researching, manufacturing and selling pharmaceutical and reproductive health care products. Products are exported to other countries.
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Contact:
Medivir Rein Piir, CFO and VP Investor Relations Tel: +46 8 5468 3123 / mobile, +46 708 537292 www.medivir.se
Source: Medivir
