Generex receives upfront payment for use of its Antigen Express AE37 immunotherapeutic vaccine for prostate cancer.
Canadian-based Generex Biotechnology Corporation and China-based Shenzhen BioScien Pharmaceuticals have entered into a License and Research Agreement focused on the development and commercialization of Generex’s Antigen Express AE37 immunotherapeutic vaccine for prostate cancer in China (including Taiwan, Hong Kong, and Macau). In addition to conducting the clinical trials and obtaining regulatory approval in China, Shenzhen BioScien will be responsible for the manufacture, marketing, distribution, and sale of the vaccine once it is approved.
Generex’s Antigen Express platform technology allows for antigen-specific stimulation or suppression of a T-helper response to virtually any antigen of known pathogenic potential, according to the company. Current immunomodulation strategies are typically general and non-specific, resulting in unwanted side effects. Therapies based on the Antigen Express technology function via highly selective modulation of the immune response, providing a targeted approach that allows for up or down regulation of critical members of the immune system.
As part of the deal, Generex received a $700,000 upfront license fee and could potentially receive an additional $4 million in milestone payments - $1 million each for completion of Phase II and Phase III clinical trials and $2 million upon receive of regulatory approval. Shenzhen BioScien will also pay Generex 10% royalty on net sales of the product.
“I am proud of the rapid rekindling of the core assets in our immunotherapeutic cancer platform technology and the recognition of the significant value of those assets as evidenced by our recent collaborations with Shenzhen BioScien and Merck,” said Generex President and Chief Executive Officer Joseph Moscato. “With this accretion to our operating capital, the near-term operational funding needs of Generex will be satisfied and we only expect to raise additional near-term capital with a view to achieving growth through strategic asset acquisitions designed to augment value for our stockholders.”