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Generex Biotechnology Corporation (www.generex.com) (OTCQB:GNBT) (http://www.otcmarkets.com/stock/GNBT/quote) today announced that the company has received a contract from the China Technology Exchange, Beijing Zhonghua Investment Fund Management Co., LTD., Biology Institute of Shandong Academy of Sciences and Sinotek-Advocates International Industry Development (Shenzhen) Co., LTD. The terms of the contract, which have been agreed to in writing by both parties, include an upfront payment of $1 million to initiate the project work in the United States, a $5 million licensing fee for the Ii-Key technology, payment by the Chinese consortium for all costs and expenses related to the development of a COVID-19 vaccine, and a 20% royalty on each dose of vaccine produced.
Joe Moscato, President & Chief Executive Officer of Generex has signed the draft contract with deal terms and will be traveling to China next week to sign the final, official contract with its Chinese partners to develop a COVID-19 vaccine using the Ii-Key immune system activation technology. Generex management will be presenting the company’s data, demonstrating the technology, and finalizing work plans with those partners to produce an Ii-Key-COVID-19 peptide vaccine that can be tested in human studies within 90 days. Mr. Moscato is expected to sign the official agreements on behalf of Generex at a signing ceremony in China next week, at which time Generex will make further announcements.
Mr. Moscato said, “Our subsidiary NuGenerex Immuno-Oncology has developed Ii-Key peptide vaccines against several potentially pandemic viruses, including bird flu, swine, flu, HIV, and a previous coronavirus, SARS. This wealth of experience has enabled us to develop a standardized protocol for rapid vaccine development, so we are positioned to respond in the event of a new, emerging pathogen. Our partners in China have recognized the power of our Ii-Key platform and have delivered this contract to establish a collaboration to combat the COVID-19 epidemic, and we are excited to begin the work.”
Posted In: GNBT
