Biopharma will purchase $750,000 worth of stock from CEL-SCI
to commercialize the cancer
drug Multikine in the Republic of South Africa. The FDA recently approved a Phase III trial for the drug.
Under the agreement, Byron will make an additional payment of $125,000 in a year and is responsible for registering the product in the country. CEL-SCI will be responsible for manufacturing Multikine. The companies will split revenues from the drug evenly.
"This agreement is consistent with our strategy to license Multikine in the emerging markets to share the expenses of bringing Multikine to market," says Geert Kersten, CEO of CEL-SCI. "We are working on additional agreements around the world."
CEL-SCI has existing licensing agreements for Multikine with Teva Pharmaceuticals and Orient Europharma.
Multikine is a being investigated as a first-line drug in head and neck cancer and has been shown to improve patient overall survival rate by 33% in clinical trials through multitargeting tumor cells, says CEL-SCI.