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Vical To Receive $3 Million Milestone Payment.(Brief Article)
2001 DEC 12 - (NewsRx.com & NewsRx.net) -- Vical, Inc., (VICL) has received a $3 million payment from Merck & Co., Inc., (MRK) which has begun human testing of a prime-boost vaccine regimen that employs Vical's patented naked DNA nonviral gene delivery technology to combat human immunodeficiency virus (HIV). Under terms of a 1997 licensing agreement, the payment extends the term of Merck's exclusive worldwide rights to use Vical's naked DNA technology to develop and market therapeutic vaccines against both HIV and the hepatitis B virus (HBV).
"We are delighted that Merck's HIV vaccine program has advanced and that Vical's naked DNA technology remains a key component in Merck's latest efforts," said Vical President and Chief Executive Officer Vijay Samant. "Merck's scheduled payment is a welcome sign of its continuing interest in the pursuit of therapeutic vaccines based on our technology. Developing a vaccine against a complex target such as HIV is a challenging undertaking, but we believe our confidence in Merck's abilities is well-placed and well-founded."
Merck is using Vical's naked DNA vaccine technology to develop vaccines that would prevent and treat HIV infections. Naked DNA is Vical's patented method of delivering genetic material into cells in the body without using a virus.
Under terms of a licensing agreement for Vical's naked DNA technology first signed in 1997, Merck originally made a $5 million investment in Vical common stock at a premium over fair market value. Merck extended the agreement in 1999 with an additional $2 million payment. If Merck successfully develops products using the Vical technology, Vical may receive additional milestone payments plus royalties on product sales. In addition, Vical may have the ...
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Source: HighBeam Research, Vical To Receive $3 Million Milestone Payment.(Brief Article)