GlaxoSmithKline plc (NYSE; LSE: GSK) has made a royalties payment of €199,000 to NasVax Ltd. (TASE: NSVX) subsidiary Protea Vaccine Technologies Ltd. The payment is under a June 2009 deal for the sale of Protea's technology to the pharmaceutical company.
Nasvax made the announcement after the Tel Aviv Stock Exchange (TASE) closed on Thursday, and the share price rose 10.6% yesterday to NIS 1.22, giving a market cap of NIS 40 million.
The payment brings GlaxoSmithKline's royalties to Protea to €1.9 million. Nasvax expects more royalties as research into Protea's product makes progress on its pneumococcal proteins for the development of a universal protein-based Streptococcus pneumoniae vaccine. The royalties are mainly designated to finance the joint research with GlaxoSmithKline Biologicals SA.
Streptococcus pneumoniae is present in most people, and sometimes becomes virulent and immune to antibiotics.
Published by Globes [online], Israel business news - www.globes-online.com - on August 9, 2010
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