Everest Medicines Limited announced two separate definitive agreements ("Agreements") with Providence Therapeutics Holdings Inc. ("Providence"), a clinical stage biotechnology company developing messenger RNA ("mRNA") therapeutics and vaccines, to (i) license rights to Providence's mRNA COVID-19 vaccine candidates in Asia emerging markets, including Greater China, Southeast Asia and Pakistan, and (ii) establish a broad, strategic partnership to develop mRNA products globally leveraging Providence's cutting-edge mRNA technology platform ("mRNA Platform").
Under the terms of the Agreements, Everest gains rights to Providence's mRNA COVID-19 vaccines in Greater China, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Pakistan, Philippines, Singapore, Thailand, Timor-Leste and Vietnam (collectively, "Everest Territories"). Providence's lead mRNA COVID-19 vaccine candidate, PTX-COVID19-B, currently in Phase 2 clinical trials, has demonstrated that it is generally safe and well tolerated and that the PTX-COVID19-B dosed subjects have high neutralization titers against the original strain of SARS-CoV-2 (G614) in an S protein-typed pseudovirus assay. All subjects produced neutralizing antibodies after the first dose and the levels increased more than 10-fold after the second dose. The sera from PTX-COVID19-B vaccinated subjects also had high neutralization titers against current variants of concern ("VOC") Alpha, Beta and Delta, that compare favorably to currently approved mRNA vaccines. Everest will also gain rights to Providence's next generation mRNA COVID-19 vaccine candidates against specific VOC which are in pre-clinical development.
"We're thrilled to enter into this agreement with a strong partner such as Everest as we work together to bring novel mRNA vaccines, like PTX-COVID19-B, to patients in need around the world and help combat COVID-19 as well as other diseases," commented Mr. Brad Sorenson, CEO of Providence Therapeutics. "In addition, this transaction structure with equity consideration and profit-sharing helps to align ongoing corporate interests between Everest and Providence, fostering future collaboration for innovative mRNA vaccine development across a range of disease areas."
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