MediGene AG divests Oncolytic Herpes Simplex Viruses (oHSV) program to Catherex, Inc.

MediGene to receive a 40% stake in Catherex

13-Apr-2010 - Germany

MediGene AG announced that MediGene, Inc., its wholly owned subsidiary, has assigned its development program of oncolytic herpes simplex viruses (oHSV), to Catherex, Inc., a private US company located in Philadelphia, Pennsylvania. In return, MediGene receives a 40% stake in Catherex, making MediGene the main shareholder of this newly founded company.

MediGene will support the future development of the oHSV technology by appointing two persons to the Supervisory Board of Catherex. In addition, should the NV1020 project be further developed by Catherex, MediGene would be entitled to further stock options or a one-off payment. Furthermore, should Catherex grant licenses for defined rights within the oHSV program to certain third parties, MediGene would be eligible to receive further payments. With immediate effect, no further expenses for the oHSV program will accrue to MediGene and by out-licensing this program, MediGene AG continues its strategic refocusing to increasingly concentrate on the field of oncology with a near-term emphasis on EndoTAG(TM).

MediGene has been developing oncolytic viruses for the treatment of various types of cancer, generating promising results in clinical trials in cancer patients. Specifically, MediGene presented positive results obtained in a phase I/II trial testing NV1020 in patients with colorectal carcinoma that had metastasized to the liver at the ASCO GI conference, and in a phase I/II trial testing G207 in patients with glioma at the 2009 ASCO Annual Meeting.

https://www.bionity.com/en/news/116119/medigene-ag-divests-oncolytic-herpes-simplex-viruses-ohsv-program-to-catherex-inc.html