GENEREX BIOTECHNOLOGY CORPORATION (OTCMKTS:GNBT) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 below.
Item 1.01. Entry into a Material Definitive Agreement
The Company’s wholly owned subsidiary, Antigen Express, Inc. (“Antigen”), entered into a License and Research Agreement (the “License Agreement”) with Shenzhen BioScien Pharmaceuticals Co., Ltd., (“Shenzhen”) dated November 29, 2017. Under the License Agreement, Antigen granted Shenzhen an exclusive license (the “License”) to use Antigen’s patents, know-how, data and other intellectual property relating to Antigen’s AE37 peptide to develop and sell products for the prevention and treatment of prostate cancer in China (including Taiwan, Hong Kong and Macau).
In exchange for the License, Shenzhen has agreed, inter alia, to the following financial consideration:
| · | a $700,000 non-refundable initial payment; |
| · | milestone payments of $1,000,000 each upon completion of Phase II and Phase III studies; |
| · | a milestone payment of $2,000,000 upon regulatory approval of a product covered by the License; and |
| · | a 10% royalty on net sales, provided the patents are in force and there are no approved generic equivalents. |
Shenzhen, generally, will be responsible for conducting clinical trials, securing Chinese regulatory approvals, and marketing in China for all products developed under the Agreement.
The foregoing description of the License Agreement is not complete and is qualified in its entirety by reference to the License Agreement, which is filed as Exhibit10.1 to this Current Report and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The list of exhibits called for by this Item is incorporated by reference to the Exhibit Index filed with this report.
GENEREX BIOTECHNOLOGY CORP ExhibitEX-99.1 2 exh99_1.htm EXHIBIT 99.1 Generex Announces Collaboration with Shenzhen BioScien Pharmaceuticals to Develop and Commercialize the AE37 Immunotherapeutic Vaccine for the Treatment of Prostate Cancer in China Generex to receive a $700,…To view the full exhibit click here
About GENEREX BIOTECHNOLOGY CORPORATION (OTCMKTS:GNBT)
Generex Biotechnology Corporation is a development-stage company. The Company is engaged primarily in the research and development of drug delivery systems and technologies. The Company is focused on its technology for the administration of formulations of large molecule drugs to the oral (buccal) cavity using a hand-held aerosol applicator. Its buccal delivery technology is a platform technology that has application to various large molecule drugs and provides a non-invasive way to administer such drugs. The Company focuses its development efforts on Generex Oral-lyn, an insulin formulation administered as a fine spray into the oral cavity using its hand-held aerosol spray applicator known as RapidMist. Its subsidiary, Antigen Express, Inc., focuses on developing vaccine formulations that work by stimulating the immune system to either attack offending agents, such as cancer cells, bacteria and viruses, or to stop attacking benign elements, such as self proteins and allergens.
