Subsidiary Protea Vaccine has a streptococcus vaccine deal worth at least €2.4 million.
Universal flu vaccine developer NasVax Ltd. (TASE: NSVX) subsidiary Protea Vaccine Technologies Ltd. has received €1.5 million in payments to date from GlaxosmithKline plc (NYSE; LSE: GSK) under their cooperation agreement from June 2009 to jointly develop a streptococcus pneumoniae vaccine. GlaxosmithKline will pay Protea Vaccine up to €2.4 million under the agreement.
Protea Vaccine uses the proceeds to finance joint research in Protea's proteins. In exchange, the company is committed to continuing the joint research with GlaxosmithKline in accordance with the terms of their agreement,. GlaxosmithKline has an option to acquire an exclusive license use the proteins to develop the vaccine.
NasVax's share rose 2.1% at the opening on the TASE today to NIS 2.18, giving a market cap of NIS 69 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 14, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010