Advaxis, a clinical-stage biotech company developing immunotherapies for cancer and infectious diseases, has entered into a Memorandum of Understanding (MoU) with Taiwan-based FusionVax under which Advaxis, upon signing a definitive agreement, will exclusively license its lead clinical stage product candidate, ADXS-HPV, to FusionVax for distribution in Asia.
FusionVax develops immunotherapies for the treatment of HPV-associated cancers such as cervical cancer, which is the leading cause of death in Chinese women, says company CEO Dr. HunChi Lin. FusionVax develops its licensed technologies through collaborations with reputable medical centers in Asia including: National Taiwan University, Taipei Medical University, and Mackay Memorial Hospital Medical Center.
"FusionVax is well-positioned to further develop ADXS-HPV clinically and to realize its commercial value in Asia across multiple HPV-associated cancers," Daniel J. O'Connor, senior vice president, chief legal and business development officer of Advaxis stated in the press release.
Per the MoU, FusionVax will hold the exclusive licensing for the Asia territory, exclusive of India, for all indications, in exchange for an up-front payment to Advaxis, certain event-based financial milestones, an annual exclusive licensing fee, and an annual net sales royalty in countries with issued patents. In exchange for the up-front payment, Advaxis will provide FusionVax an equal amount of Advaxis common stock.
FusionVax will be responsible for conducting clinical trials and pursuing commercialization of ADXS-HPV in Asia, for which Advaxis will pay FusionVax net sales annual royalty on ADXS-HPV in the U.S. of less than 1 percent.
"With five studies currently in the field in four indications, we continue to broaden our data. This MoU is the first milestone on Advaxis' path to future licensing opportunities," commented Thomas A. Moore, chairman and CEO of Advaxis.
The companies will share all data generated from their respective clinical trials.
For more information, visit Advaxis.com
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