CEL-SCI Secures Manufacturing Facility for Multikine Cancer Drug
Biomedical Real Estate Group Backs Construction of Facility
BioRealty, Inc., a privately held real estate firm specializing in the biomedical sector, acquired the facility and is responsible for its build out pursuant to CEL-SCI's specifications. CEL-SCI leases the facility for 20 years, with options to extend the lease or purchase the facility at a later time. BioRealty, Inc. also committed to provide development management services and funding for the build-out of this facility, which, once fully built out, will be able to supply over $1 billion worth of drug. The Company had entered into a letter of intent with BioRealty on this transaction in January 2007.
The manufacturing facility will allow the Company to produce Multikine, a biologic, in the same manufacturing facility for Phase III clinical trials as for commercial production. Regulatory authorities prefer to see biologics such as Multikine produced in the same manufacturing facility for Phase III clinical trials and the sale of the product because this arrangement helps to ensure that the drug lots used to conduct the clinical trials will be consistent with those that will be marketed subsequent to approval.
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