SAN DIEGO, Sept. 13, 2012 (CRWENewswire) -- Vical Incorporated (Nasdaq:VICL) announced today a worldwide, nonexclusive license to Bristol-Myers Squibb Company (NYSE:BMY) of Vical's patented platform DNA immunization technology and its Vaxfectin(NYSE:R) adjuvant for use in the production of antibodies.
Under the agreement, Bristol-Myers Squibb will use Vical's technology to generate antibodies with potential therapeutic uses in humans. Vical will also provide specified quantities of the Vaxfectin(R) adjuvant to Bristol-Myers Squibb from time to time. Financial terms of the agreement were not disclosed.
"We are pleased to enter into this agreement with Bristol-Myers Squibb recognizing an important application of our DNA immunization technology," said Vijay B. Samant, Vical's President and Chief Executive Officer. "DNA immunization has been used widely in the research setting as an efficient means of antibody production. This agreement represents a meaningful step toward monetizing a common use of our broadly applicable intellectual property asset, and establishes a template for additional agreements with others working in the field. Our Vaxfectin(R) adjuvant has demonstrated significant improvement in the efficiency of the immunization process, and we are excited to establish this initial license agreement for Vaxfectin(R) as well."
Vical researches and develops biopharmaceutical products based on its patented DNA delivery technologies for the prevention and treatment of serious or life-threatening diseases. Potential applications of the company's DNA delivery technology include DNA vaccines for infectious diseases or cancer, in which the expressed protein is an immunogen; cancer immunotherapeutics, in which the expressed protein is an immune system stimulant; and cardiovascular therapies, in which the expressed protein is an angiogenic growth factor. The company is developing certain infectious disease vaccines and cancer therapeutics internally. In addition, the company collaborates with major pharmaceutical companies and biotechnology companies that give it access to complementary technologies or greater resources. These strategic partnerships provide the company with mutually beneficial opportunities to expand its product pipeline and address significant unmet medical needs. Additional information on Vical is available at www.vical.com.
This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include statements about Vical's DNA immunization technology and Vaxfectin(R) adjuvant, Bristol-Myers Squibb's antibody production goals, as well as Vical's focus, licensees, and independent and partnered product candidates. Risks and uncertainties include whether Bristol-Myers Squibb will continue development of any therapeutic antibodies using Vical's DNA immunization technology and/or Vaxfectin(R); whether Vical will be able to supply the required quantities of Vaxfectin(R) to support the planned therapeutic antibody production; whether any therapeutic antibodies or any other product candidates will be shown to be safe and effective in clinical trials; the timing, nature and cost of clinical trials; whether Vical will enter into any additional license agreements for therapeutic antibody production based on its DNA immunization technology and/or Vaxfectin(R) adjuvant; whether Vical or its collaborative partners will seek or gain approval to market any product candidates; whether Vical or its collaborative partners will succeed in marketing any product candidates; and additional risks set forth in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
Alan R. Engbring
Source: Vical Incorporated
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