"Naswax" signed with "Novartis" a cooperation agreement and an option for a license to examine the applicability of developing improved vaccines for influenza
Erez Chaimovitz, CEO of "Nasvax" stated: ""Nasvax" is happy to cooperate in this project with Novartis, which is one of the five largest vaccine companies in the world. This is another significant step in realizing the vision and strategy of "Nasvax" to create value by introducing its innovative technologies to the market through collaborations with world-class vaccine manufacturers. We look forward to demonstrating the potential of VaxiSomeTM in improving the immunogenicity of primary vaccines and thus leading to the creation of improved products of high commercial value."
The parties will carry out joint research and in addition the company granted Novartis an option to purchase a non-exclusive license to use the company's adjuvant technology for the purpose of developing improved vaccines for certain indications of vaccines existing at Novartis (the "Option"). The option will be exercisable during a period of up to 14 months from the effective date of the agreement and may be extended at the request of Novartis if certain conditions are met. To the extent that the option is exercised, such a license will be granted under commercial terms to be agreed between the parties and which will include, among other things, payments for milestones and royalties for sales of vaccines that will be marketed by Novartis and include the company's technology.
Influenza is a viral disease of the respiratory tract that affects people of all ages, especially the elderly, babies and people with various underlying diseases. The disease affects hundreds of millions every year and causes the death of hundreds of thousands of people worldwide.
It will be clarified that there is no certainty that the joint research will lead to positive results or that Novartis will complete said research or that it will exercise the option granted to it. Also, there is no certainty regarding the commercial terms of the license that will be granted to Novartis if it exercises the option, and therefore the company cannot estimate as of this date the extent of the revenue stream it will have by virtue of a license agreement if and as long as it is signed. In addition, both the agreement and the license, should Novartis exercise the option, are subject to the approval of the Chief Scientist.
