Vical Grants Options to Merck for Cancer Vaccines
9/12/2005 7:30:42 AM
SAN DIEGO, Sept 12, 2005 /PRNewswire-FirstCall via COMTEX/ -- Vical Incorporated (VICL) agreed to grant Merck & Co., Inc. (MRK) renewable options for rights to use Vical's patented non-viral gene delivery technology for additional cancer targets. In exchange, Vical has obtained non-exclusive, sublicenseable rights to use the technology for vaccines against HIV, giving both companies freedom to operate in the field. Merck also has a fixed-term option to exclusively sublicense from Vical electroporation-enhanced delivery technology for use with HIV vaccines, on terms to be negotiated.
"These options allow Merck to further expand their cancer program using our technology," said Vijay B. Samant, Vical's President and Chief Executive Officer. "Merck's exercise of the option for the additional targets would result in an option exercise payment to Vical, and further development may lead to milestone and royalty payments, along with an opportunity for co-promotion. Earlier this summer, Merck exercised three cancer vaccine options triggering a payment of $3.0 million."
About Vical
Vical researches and develops biopharmaceutical products based on its patented DNA delivery technologies for the prevention and treatment of serious or life-threatening diseases. Potential applications of the company's DNA delivery technology include DNA vaccines for infectious diseases or cancer, in which the expressed protein is an immunogen; cancer immunotherapeutics, in which the expressed protein is an immune system stimulant; and cardiovascular therapies, in which the expressed protein is an angiogenic growth factor. The company has retained all rights to its internally developed product candidates. In addition, the company collaborates with major pharmaceutical companies and biotechnology companies that give it access to complementary technologies or greater resources. These strategic partnerships provide the company with mutually beneficial opportunities to expand its product pipeline and serve significant unmet medical needs. Additional information on Vical is available at www.vical.com. |
