VBI Vaccines Enters into License and Collaboration Agreement with Brii Biosciences for up to $129 Million plus Royalties to D...
December 06 2018 - 8:00AM
VBI Vaccines Inc. (NASDAQ: VBIV) (“VBI”), a commercial-stage
biopharmaceutical company developing next-generation infectious
disease and immuno-oncology vaccines, today announced that it
entered into a license and collaboration agreement with Brii
Biosciences, a company committed to serving patients’ needs and
improving public health in China, for the development of a
functional cure for the treatment of chronic hepatitis B infection,
using VBI’s recombinant, protein-based immuno-therapeutic,
VBI-2601.
As part of the collaboration, Brii Bio paid VBI an
upfront payment of $11 million, consisting of a $4 million upfront
payment and a $7 million equity investment priced at $3.05 per
share. VBI is also eligible to receive an additional $117.5 million
in potential milestone payments, and potential double-digit
royalties on commercial sales in the licensed territory, which
includes China, Hong Kong, Macau, and Taiwan.
“I am very excited to announce this partnership with Brii Bio,
which leverages our hepatitis B expertise and marks our pipeline
expansion into the therapeutic setting,” said Jeff Baxter,
President and CEO of VBI. “Brii Bio is uniquely positioned to
accelerate infectious disease drug development and
commercialization in China due to their world-class leadership,
investors, and foundational and strategic partnerships. We believe
this collaboration creates a promising opportunity to quickly and
effectively develop a cure for chronic hepatitis B patients.”
“Chronic hepatitis B is one of the world’s most serious
infectious disease burdens, and one that is particularly endemic in
China,” said Dr. Zhi Hong, Ph.D., co-founder and CEO of Brii Bio.
“We believe VBI’s immuno-therapeutic has the potential to be a
differentiated, and perhaps vital, component of a functional cure.
This collaboration is a significant step forward as we work to
deliver on our mission to improve public health in China.”
Additional details were announced by Brii Bio today.
Under the agreement, VBI and Brii Bio will collaborate in the
development of the product through to completion of a
proof-of-concept clinical trial in China, following which, Brii Bio
will be responsible for funding all development in the licensed
territory. Brii Bio will retain commercial rights in the licensed
territory, while VBI will retain all rights outside of the licensed
territory. Additional information regarding this deal can be found
in VBI’s associated Current Report on Form 8-K filed today with the
U.S. Securities and Exchange Commission (SEC) and available through
the SEC’s website at http://www.sec.gov.
VBI-2601 has the potential to contribute to a functional cure by
inducing and sustaining broad and effective immunity against
Hepatitis B. VBI-2601 is uniquely formulated to target both B-cell
and T-cell immunity through multiple mechanisms of action,
including neutralizing the circulating hepatitis B virus, blocking
hepatitis B infection of hepatocytes mediated through Pre-S1, and
enabling immune-mediated clearance of infected hepatocytes.
Hepatitis B is one of the world’s most significant infectious
disease threats with over 250 million people infected globally.
Chronic infection can lead to cirrhosis of the liver,
hepatocellular cancer, and other liver disease, making it a
life-threatening global health problem. Current hepatitis B
therapies have proven to achieve a functional cure in less than 20
percent of those treated.
About VBI Vaccines Inc.
VBI Vaccines Inc. (“VBI”) is a commercial-stage
biopharmaceutical company developing a next generation of vaccines
to address unmet needs in infectious disease and immuno-oncology.
VBI’s first marketed product is Sci-B-Vac®, a hepatitis B (HBV)
vaccine that mimics all three viral surface antigens of the
hepatitis B virus; Sci-B-Vac® is approved for use in Israel and 10
other countries. VBI’s eVLP Platform technology enables the
development of enveloped virus-like particle (eVLP) vaccines that
closely mimic the target virus to elicit a potent immune response.
VBI is advancing a pipeline of eVLP vaccines, with lead programs in
cytomegalovirus (CMV) and glioblastoma (GBM). VBI is headquartered
in Cambridge, MA with research operations in Ottawa, Canada and
research and manufacturing facilities in Rehovot, Israel.
- Website Home: http://www.vbivaccines.com/
- News and Insights: http://www.vbivaccines.com/wire/
- Investors: http://www.vbivaccines.com/investors/
Cautionary Statement on Forward-looking
Information
Certain statements in this press release that are
forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and are forward-looking information within the meaning of Canadian
securities laws (collectively, “forward-looking statements”). The
company cautions that such statements involve risks and
uncertainties that may materially affect the company's results of
operations. Such forward-looking statements are based on the
beliefs of management as well as assumptions made by and
information currently available to management. Actual results could
differ materially from those contemplated by the forward-looking
statements as a result of certain factors, including but not
limited to the ability to establish that potential products are
efficacious or safe in preclinical or clinical trials; the ability
to establish or maintain collaborations on the development of
therapeutic candidates; the ability to obtain appropriate or
necessary governmental approvals to market potential products; the
ability to obtain future funding for developmental products and
working capital and to obtain such funding on commercially
reasonable terms; the company's ability to manufacture product
candidates on a commercial scale or in collaborations with third
parties; changes in the size and nature of competitors; the ability
to retain key executives and scientists; and the ability to secure
and enforce legal rights related to the company's products. A
discussion of these and other factors, including risks and
uncertainties with respect to the company, is set forth in the
Company's filings with the Securities and Exchange Commission and
the Canadian securities authorities, including its Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
February 26, 2018, and filed with the Canadian security authorities
at sedar.com on February 26, 2018, as may be supplemented or
amended by the Company's Quarterly Reports on Form 10-Q. Given
these risks, uncertainties and factors, you are cautioned not to
place undue reliance on such forward-looking statements, which are
qualified in their entirety by this cautionary statement. All such
forward-looking statements made herein are based on our current
expectations and we undertake no duty or obligation to update or
revise any forward-looking statements for any reason, except as
required by law.
VBI Contact
Nicole Anderson, Communications ExecutivePhone: (617) 830-3031
x124Email: info@vbivaccines.com
VBI Investor Contact
Nell BeattieChief Business OfficerEmail: IR@vbivaccines.com
VBI Media Contact
Burns McClellan, Inc. Robert Flamm, Ph.D. / Nancie
SteinbergPhone: (212) 213-0006Email: rflamm@burnsmc.com /
nsteinberg@burnsmc.com
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