Generex receives $700,000 license fee from Shenzhen BioScien
Generex Biotechnology Corporation confirmed its receipt of the $700,000 up-front license fee payable by Shenzhen BioScien Pharmaceuticals under the License and Research Agreement entered into with Generex wholly-owned subsidiary Antigen Express. The purpose of the Agreement is to develop and commercialize the Antigen Express AE37 immunotherapeutic vaccine for prostate cancer in the People's Republic of China. A previously completed Phase I study of the vaccine conducted by Antigen Express in patients with prostate cancer demonstrated robust, long-term, and specific activation of cancer-fighting T cells in immunized patients. In addition to the license fee, under the Agreement Shenzhen BioScien will also make milestone payments to Generex of $1,000,000 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 upon regulatory approval of the vaccine in the territory. Generex will also receive a 10% royalty on net sales of the product. Under the Agreement, Shenzhen BioScien has responsibility for paying for and conducting the clinical trials, securing Chinese regulatory approvals, and the manufacturing, marketing, distribution, and sale of the product. The clinical trials will be designed and conducted so as to meet the regulatory requirements of the FDA and the EMA and Antigen Express will have free access to all data for support of global regulatory filings and further development and commercialization initiatives outside the licensed territories.