BioVeris Completes Agreement With TheraCarb, Inc.
Secures Option for Exclusive Rights to Vaccine Candidate for Candida
BioVeris Corporation announced that it has entered into an option agreement with TheraCarb, Inc. for exclusive patent rights to a vaccine candidate for Candida albicans, the most common fungal pathogen affecting humans. Under the agreement with TheraCarb, the Company acquired a first option for exclusive rights to commercialize products for possible use in the prevention, diagnosis and treatment of Candida albicans infections.
Under the agreement, the Company also will sponsor approximately $170,000 of research at TheraCarb through the first quarter of 2007 aimed at developing a vaccine candidate. The Company will pay TheraCarb a $75,000 option fee and if the Company exercises its option for exclusive rights to commercialize products, it will pay a license issue fee, as well as milestones fees for initiating and completing human clinical trials and securing regulatory approvals, and royalties.
Candida albicans is the most common of the Candida species, which are ubiquitous, opportunistic pathogens that colonize more than half of all healthy individuals in the U.S., causing systemic disease in nearly 15% of those who are immunocompromised.
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