CEL-SCI Announces Expansion of Exclusive Licensing Agreement for Cancer Drug Multikine
News Nov 04, 2008
CEL-SCI Corporation announced that it has expanded its exclusive licensing agreement for Multikine® with Orient Europharma Co. The new agreement extends the Multikine collaboration to also cover South Korea, the Philippines, Australia and New Zealand. The licensing agreement initially focuses on the areas of head and neck cancer, nasopharyngeal cancer and potentially cervical cancer.
As part of this new agreement, Orient Europharma will invest $500,000 in CEL-SCI and fund a portion of the Company's global Phase III clinical trial for Multikine due to start in 2009.
Orient Europharma's clinical group will conduct part of the clinical study in its territory. In addition to making a direct investment in the Company and funding a portion of the clinical trials, Orient Europharma will also be responsible for registering the product in the Territory.
Once Multikine has been approved, CEL-SCI will be responsible for manufacturing the product, while Orient Europharma will be responsible for sales in the Territory. Revenues will be split between CEL-SCI and Orient Europharma.
CEL-SCI has also licensed certain rights related to Multikine to Teva Pharmaceuticals in Israel and Turkey.