- Zolovax, Inc., a wholly-owned subsidiary of Heat Biologics (NASDAQ:HTBX), has entered into an exclusive license agreement with the University of Miami for its UMIP-510 platform. Heat Biologics has also promoted William Ostrander as Chief Financial Officer with effect from January 4, 2021.
- The agreement, giving Zolovax exclusive, worldwide rights, covers the license and development of a portfolio of patents leveraging the UMIP-510 platform to target the COVID-19 virus and other infectious diseases.
- Per the agreement, Zolovax has paid an upfront fee of $2,500 and is required to pay certain annual payments as well as royalties equal to a percentage (in the low-to-mid single digits) of net sales of licensed products.
- In addition to diligence milestones, such as IND submission and initiation of dosing of Phase 1 trial, the deal also provides for commercial milestone payments of up to an aggregate of $7.75M upon the achievement of $10M, $100M, and $500M of cumulative net sales of licensed products.
- The new CFO, William Ostrander, has more than 22 years of financial management experience at public and private companies and previously served as the company’s Vice President of Finance.