Advaxis to license its ADXS-HPV product candidate to FusionVax

Apr 22 2013

Advaxis, Inc., (OTCBB: ADXS) ("Advaxis" or the "Company"), a leader in developing the next generation of immunotherapies for cancer and infectious diseases, announced that it has entered into a Memorandum of Understanding (MoU) with FusionVax, Inc. ("FusionVax") setting forth the main terms under which Advaxis will, subject to the entry of a definitive agreement, exclusively license its lead clinical stage product candidate, ADXS-HPV, to FusionVax for Asia.

“FusionVax is well-positioned to further develop ADXS-HPV clinically and to realize its commercial value in Asia across multiple HPV-associated cancers”

FusionVax is a private Taiwan-based biopharmaceutical company developing immunotherapies for the treatment of HPV-associated cancers. It is committed to in-licensing and developing early to late phase product candidates with primary disease targets of cervical cancer and lung cancer with a secondary focus on treatments for CIN, oropharyngeal cancers, and genital warts. FusionVax develops its licensed technologies through collaborations with top academic leaders at prestigious medical centers in Asia including: National Taiwan University, Taipei Medical University, and Mackay Memorial Hospital Medical Center.

Dr. HunChi Lin, Chief Executive Officer of FusionVax, commented, "We are very pleased to have the opportunity to collaborate with Advaxis to develop vaccines for the treatment of cervical cancer, a cancer that is the leading cause of the death of Chinese women."

Under the terms of the MoU, Advaxis will exclusively license the rights to ADXS-HPV to FusionVax for the Asia territory, exclusive of India, for all indications. In exchange, FusionVax will pay Advaxis an up-front payment, certain event-based financial milestones, an annual exclusive licensing fee, and an annual net sales royalty in countries with issued patents. In exchange for the up-front payment, Advaxis will provide FusionVax an equal amount of Advaxis common stock. FusionVax will be responsible for conducting clinical trials and pursuing commercialization of ADXS-HPV in Asia and, in exchange, Advaxis will pay FusionVax net sales annual royalty on ADXS-HPV in the U.S. of less than 1%. The companies will share all data generated from their respective clinical trials.

Under the terms of the MoU, Advaxis and FusionVax will work together over the next six months to enter into a definitive exclusive licensing agreement based upon these terms. FusionVax has agreed to place into escrow a portion of the first event-based milestone pending the execution of a definitive licensing agreement.

"FusionVax is well-positioned to further develop ADXS-HPV clinically and to realize its commercial value in Asia across multiple HPV-associated cancers," commented Daniel J. O'Connor, Senior Vice President, Chief Legal and Business Development Officer of Advaxis.

"With five studies currently in the field in four indications, we continue to broaden our data. This MoU is the first milestone on Advaxis' path to future licensing opportunities," commented Thomas A. Moore, Chairman and Chief Executive Officer of Advaxis.