Wed, 28/05/2014 - 14:03
VGX Animal Health, a 90 per cent-owned subsidiary of Inovio Pharmaceuticals, has sold its animal health assets to Plumbline Life Sciences (PLS) of Korea.
The assets being transferred include an exclusive license with Inovio for animal applications of its growth hormone-releasing hormone (GHRH) technology and animal DNA vaccines plus a non-exclusive license to Inovio electroporation delivery systems.
VGX Animal Health will receive USD2 million in cash in multiple payments and 20 per cent of the outstanding shares of PLS.
VAH's 20 per cent equity ownership position in PLS will be maintained without dilution up to USD10 million of additional equity fundraising by PLS.
Inovio Pharmaceuticals will receive milestone payments and royalties on product sales. Inovio retains the human applications of its GHRH technology.
Dr J Joseph Kim, president and CEO, says: "Inovio is sharply focused on its human immunotherapy products, consequently we own promising assets that are not being allocated appropriate resources. Our animal GHRH product candidates have notably improved cancer-related morbidity in dogs and increased herd productivity in livestock animals. We are pleased to monetise these assets with a deal that will result in a committed development of these products and market opportunities."
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