MediGene Receives One-Time Payment for License Agreement with Glaxo Group
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MediGene AG has issued a non-exclusive license to Glaxo Group Limited under existing patents that had emerged from MediGene's program to develop a therapeutic tumor vaccine. In return MediGene receives a one-time payment from Glaxo Group Ltd.
The payment from Glaxo, combined with Eligard® sales, will ensure that Medigene will reach previous established guidance for 2005 of revenues of 20 million EUR. MediGene management is now postponing the finalization of the Polyphenon® E marketing partnership in order to review new proposals received after the recent FDA acceptance of the New Drug Application for Polyphenon® E-Ointment for the Treatment of Genital Warts.