BioProperties, a real estate firm specialized in the biomedical sector, committed $15 million to CEL-SCI to acquire and build out a manufacturing facility for the company’s cancer product, according to a letter of intent. Multikine® was recently approved to enter Phase III studies for the treatment of head and neck cancer.
The facility is expected to cost about $12–14 million, to be paid through a long-term lease agreement. "We will be able to produce our drug Multikine in our own CGMP facility for Phase III trials as well as for sale once marketing approval is granted,” states Geert Kersten, CEO of CEL-SCI.
“An additional benefit of having this facility,” Kersten adds, “is that during the Phase III study, it may also be used for contract manufacturing work with other biotech companies and/or the U.S. government since it will contain a clean cold-fill suite."