Pharmexa and KAEL Co. Ltd. of South Korea have entered into an agreement regarding GV1001 and Pharmexa´s Norwegian subsidiary Gemvax. Kael will acquire all shares of Gemvax and will thus assume all rights and responsibilities relating to the patent portfolio of GemVax including GV1001. In addition, Kael will continue to support the Telovac Phase 3 trial with GV1001 in pancreatic cancer. Pharmexa will receive an upfront payment for the sale of GemVax, as well as milestones and royalties upon successful commercialization of the GV1001 peptide vaccine.
KAEL, through their wholly owned subsidiary VaxOnco, will acquire GemVax. VaxOnco is a Korean company specializing in peptide based vaccines for the treatment of cancer. GemVax's GV1001 telomerase peptide vaccine will add to VaxOnco's growing pipeline of peptide vaccines.
KAEL will assume responsibilities for the support of the ongoing Telovac phase 3 trial in pancreatic cancer being conducted in the UK. KAEL also plans to develop the GV1001 telomerase peptide vaccine in other cancer indications.
Financial details are not disclosed. Pharmexa will receive an upfront payment for the purchase of the GemVax subsidiary. Additionally, Pharmexa will receive milestone payments for successful registration and marketing of the GV1001 vaccine, as well as significant royalties on sales.