Korea's Kael takes over Pharmexa subsidiary Gemvax  

2008.11.03
Pharmexa enters agreement with Kael Co. Ltd. of South Korea regarding Pharmexa's candidate cancer drug GV1001 and Pharmexa´s Norwegian subsidiary Gemvax
The Danish biotechnology company Pharmexa has announced in a press release that it has entered an agreement with Kael Co. Ltd. of South Korea regarding Pharmexa's candidate cancer drug GV1001 and Pharmexa´s Norwegian subsidiary Gemvax.
 
Kael, through its wholly-owned subsidiary VaxOnco, will acquire all shares of Gemvax and will thus assume all rights and responsibilities relating to the patent portfolio of GemVax including GV1001.
 
Pharmexa will receive an upfront payment for the sale of GemVax, as well as milestones and royalties upon successful commercialization of the GV1001 peptide vaccine. Financial details have not been disclosed.
 
Pharmexa CEO Dr. Achim Kaufhold says in the press release: "We are pleased that Kael and VaxOnco will pursue the further development of GV 1001 which is a unique product with significant potential to combat cancer. It targets an enzyme called telomerase which is rarely found in normal cells, but is overexpressed in most cancer cells, which makes telomerase an ideal target for a cancer vaccine."
 
Pharmexa A/S is a development stage company in the field of active immunotherapy, focusing on cancer and infectious diseases such as HIV, influenza, hepatitis and malaria. The company employs around 40 people and is listed on the Nasdaq OMX Nordic Exchange Copenhagen.
 
Link > Pharmexa  

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