BioVeris Completes New Vaccine License
December 26 2006 - 4:30PM
PR Newswire (US)
Combination Vaccine Candidates Will Use Neisseria meningitidis
Group C Components GAITHERSBURG, Md., Dec. 26
/PRNewswire-FirstCall/ -- BioVeris Corporation (NASDAQ:BIOV)
announced today that it has entered into a Technology License
Agreement with Baxter Healthcare Corporation. BioVeris received
nonexclusive, worldwide patent rights and know-how to use Neisseria
meningitidis group C vaccine as a component in new vaccine
candidates for the prevention of meningitis and sepsis. The new
combination vaccine candidates would consist of the Neisseria
meningitidis group C components and additional vaccine candidates
to protect against other disease causing organisms. These new
combination vaccines are expected to have the advantage of reducing
the number of injections that a child would receive during a single
office visit. Under the Technology License Agreement, BioVeris
receives nonexclusive rights to patents and know-how related to the
development, testing, or use, and under certain circumstances,
limited rights to manufacture the vaccine candidates. The Company
paid a license issue fee and may also make additional future
payments for patent costs, milestone fees for initiating and
completing human clinical trials and receiving regulatory
approvals. The Company is also required to pay royalties on product
sales and, beginning in 2011, is required to pay a minimum annual
royalty that will be reduced by the amount of any milestone
payments and royalties payable to Baxter under the Technology
License Agreement for the applicable calendar year. BioVeris
already has licensed from Baxter and others, exclusive rights to
commercialize products for possible use in the prevention,
diagnosis and treatment of disease caused by Group A streptococci,
Group B streptococci, Pneumococci, and Group B meningococci. The
vaccine candidates covered by the new Technology License Agreement
are similarly based on a conjugate technology platform and also
include recombinant protein antigens. These vaccine candidates are
expected to complement and expand the existing intellectual
property and vaccine candidates at BioVeris. Meningococcal disease,
as meningitis or sepsis, is a bacterial infection that strikes
approximately 1.2 million people worldwide each year, resulting in
over 100,000 deaths. Of the 1400-2800 cases occurring annually in
the United States, 10-14 percent of the patients will die. For the
survivors, 11- 19 percent suffer long-term permanent disabilities
such as hearing loss, brain damage and limb amputations.
Meningococcal disease often begins with symptoms that can be
mistaken for common viral illnesses, such as the flu. It can
progress very rapidly and kill an otherwise healthy young person in
48 hours or less. Communitywide outbreaks of meningococcal disease
can persist for several months and controlling them remains a major
challenge in public health. BioVeris Corporation is a global health
care and biosecurity company developing proprietary technologies in
diagnostics and vaccinology. The Company is dedicated to the
development and commercialization of innovative products and
services for healthcare providers, their patients and their
communities. BioVeris is headquartered in Gaithersburg, Maryland.
Further information about BioVeris is available at
http://www.bioveris.com/ . This press release contains
forward-looking statements within the meaning of the federal
securities laws that relate to future events or BioVeris' future
performance. All statements in this press release that are not
historical facts, including any statements about the agreement with
Baxter, financial commitments, market size and growth, and the
utility or effectiveness of vaccine candidates are hereby
identified as "forward-looking statements." The words "may,"
"should," "will," "expect," "could," "anticipate," "believe,"
"estimate," "plan," "intend" and similar expressions have been used
to identify certain of the forward-looking statements. In this
press release, BioVeris has based these forward-looking statements
on management's current expectations, estimates and projections and
they are subject to a number of risks, uncertainties and
assumptions that could cause actual results to differ materially
from those described in the forward- looking statements. Such
forward-looking statements should, therefore, be considered in
light of various important factors, including changes in general
economic, business and industry conditions. The foregoing sets
forth some, but not all, of the factors that could impact upon
BioVeris' ability to achieve results described in any
forward-looking statements. A more complete description of the
risks applicable to BioVeris is provided in the Company's filings
with the Securities and Exchange Commission (SEC) available at the
SEC's web site at http://www.sec.gov/ . Investors are cautioned not
to place undue reliance on these forward-looking statements.
Investors also should understand that it is not possible to predict
or identify all risk factors and that neither this list nor the
factors identified in BioVeris' SEC filings should be considered a
complete statement of all potential risks and uncertainties.
BioVeris has no obligation to publicly update or release any
revisions to these forward-looking statements to reflect events or
circumstances after the date of this press release. DATASOURCE:
BioVeris Corporation CONTACT: George Migausky of BioVeris
Corporation, +1-301-869-9800, ext. 2013; Jonathan Fassberg
(investors) of The Trout Group, +1-212-477-9007, ext. 16, for
BioVeris Corporation; or Paul Caminiti or Andrew Cole (media) of
Citigate Sard Verbinnen, +1-212-687-8080, both for BioVeris
Corporation Web site: http://www.bioveris.com/
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