Healthcare Industry News: Presidio Pharmaceuticals
News Release - December 21, 2007
Medivir AB and Presidio Pharmaceuticals, Inc. Amend License Agreement.STOCKHOLM, Sweden--(HSMN NewsFeed)--Regulatory News: Medivir AB (STO:MVIRB) announced today that Presidio Pharmaceuticals, Inc. has elected to return the license rights to the HIV nucleoside reverse transcriptase inhibitor (NRTI) MIV-310, enabling Medivir to transfer the full license to the compound and intellectual property to Beijing Mefuvir Medicinal Technology Co. Ltd., which will develop MIV-310 for therapeutic use against HIV. MIV-310 belongs to the group of polymerase projects which are administered by its subsidiary Medivir HIV Franchise AB.
When Medivir and Presidio entered a licensing agreement in December 2006 the total deal value amounted to USD 75.25m. Due to the transfer of MIV-310, the terms with Presidio have been adjusted, leaving USD 52.25m in milestones for the development of the pre-clinical HIV project MIV-410 (PPI-801/802), which is not affected by the MIV-310 license transfer. "MIV-310 has, in phase II clinical trials, shown remarkable potency against multi-drug resistant HIV. In laboratory experiments the combination of MIV-310 and AZT (zidovudine) shows synergistic effects against HIV and at the same time antagonistic toxicity" says Prof. Bo Öberg, CEO, Medivir HIV Franchise AB. "The possibility to use combination tablets with MIV-310 and AZT is of great interest for its convenience of dosing and low risk for resistance development" comments Zhang Wenyao, Chaiman of the board, Tianjin Human-Care Latex Corporation and Beijing Mefuvir Medicinal Science Co. Ltd. and Dr Wang Xuehai, Chairman of the board, Wuhan Hi-Tech Industry Co. Ltd. Under the new terms for MIV-310, Mefuvir will finance the clinical development towards registration in Asia. Mefuvir has the marketing rights in Asia except Japan. Medivir retains the marketing rights in the rest of the world. Royalty rates and other licensing conditions are not disclosed. Beijing Mefuvir Medicinal Technology Co. Ltd. is a subsidiary to Tianjin Human-Care Latex Corporation, one of the largest condom manufacturers in China. Both companies are part of Wuhan Humanwell Hi-Tech Industry, traded on the Shanghai Stock Exchange. Mefuvir has earlier licensed the anti-HIV non-nucleoside compound MIV-160 from Medivir.
For more information about Medivir, please see the company’s website, www.medivir.se
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