Pharmexa enters into an agreement regarding GV1001 with the Korean company KAEL Co. Ltd
KAEL, through their wholly owned subsidiary VaxOnco, will acquire GemVax. VaxOnco is a Korean company specializing in peptide based vaccines for the treatment of cancer. GemVax's GV1001 telomerase peptide vaccine will add to VaxOnco's growing pipeline of peptide vaccines.
KAEL will assume responsibilities for the support of the ongoing Telovac phase 3 trial in pancreatic cancer being conducted in the UK. KAEL also plans to develop the GV1001 telomerase peptide vaccine in other cancer indications.
Financial details are not disclosed. Pharmexa will receive an upfront payment for the purchase of the GemVax subsidiary. Additionally, Pharmexa will receive milestone payments for successful registration and marketing of the GV1001 vaccine, as well as significant royalties on sales.
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