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Generex Receives $700M Payment from Shenzhen BioScien

The upfront payment was for their license and research agreement focusing on Antigen Express AE37

By: Betsy Louda

, Contract Pharma

Generex Biotechnology Corporation has confirmed its receipt of the $700,000 USD up-front license fee from Shenzhen BioScien Pharmaceuticals under a newly entered License and Research Agreement.  The purpose of the Agreement is to develop and commercialize the Antigen Express AE37 immunotherapeutic vaccine for prostate cancer in China (including Taiwan, Hong Kong, and Macau).

 

In addition to the license fee, Shenzhen BioScien will also make milestone payments to Generex of $1,000,000 USD each upon completion of the Phase II and Phase III clinical studies of the vaccine as well as a milestone payment of $2,000,000 USD upon regulatory approval of the vaccine in the territory. Generex will also receive a 10% royalty on net sales of the product.

 

Shenzhen BioScien will take on the responsibility for paying for and conducting the clinical trials, securing Chinese regulatory approvals, and the manufacturing, marketing, distribution, and sale 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.”

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