Provectus opens negotiations on licensing PV-10 in China

US developmental stage company Provectus Biopharmaceuticals (NYSE MKT: PVCT) has entered into a memorandum of understanding (MOU) with Sinopharm-China State Institute of Pharmaceutical Industry (Sinopharm-CSIPI), the leader among all pharmaceutical research institutes in China, and Sinopharm A-THINK Pharmaceutical, the only injectable anti-tumor drug R&D, manufacture and distribution integrated platform within Sinopharm Group.

The key component of the MOU provides that “Sinopharm-CSIPI and Sinopharm A-THINK desire to obtain an exclusive license to commercialize PV-10 within [the People’s Republic of] China territory, and Provectus is willing to grant such license to Sinopharm.”

During the next three months, the parties will seek to enter into a definitive licensing contract, subject to additional negotiation, due diligence, and any required regulatory and corporate approvals. The parties will further address the details of the license; the use of the technology from Provectus to Sinopharm A-THINK in China; the process for commercialization; and payments to Provectus (upfront, milestone and royalties). Provectus intends to manufacture PV-10 in the USA and Sinopharm A-THINK will distribute PV-10 in China.