Prima BioMed and Neopharm in licensing deal for CVac in Israel
Australia’s Prima BioMed (ASX: PRR) has entered into a binding term sheet granting Israeli firm Neopharm Group an exclusive license to market and sell CVac, a personalized immunocellular therapeutic under investigation for the treatment of epithelial ovarian cancer, in Israel and the Palestinian Authority.
Prima and Neopharm will execute a final agreement within 90 days. Under the terms of the license, Neopharm will reimburse Prima for commercial manufacturing costs of CVac and then Prima and Neopharm will split net profits from CVac sales in the license territory. Prima will also receive small up-front and development milestone payments.
Matthew Lehman, Prima's chief executive, commented: "I am very pleased to enter into this first corporate partnership for CVac. We believe this sends a strong message of confidence in our CVac program and represents Prima's commercial potential to successfully develop cell based immunotherapies for cancer.
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