SuperGen obtains marketing rights to Avicine

AVI BioPharma (AVII) granted SUPG exclusive U.S. sales and marketing rights to its Avicine anti- hCG synthetic peptide vaccine to treat colorectal cancer, which has completed Phase II trials. SUPG will be responsible for marketing and sales, and AVII will be responsible for manufacturing. Both will share clinical development and regulatory costs, and profits will be split equally.

SUPG will make a $20 million upfront investment in cash and SUPG stock. Additional equity investments and cash milestones will be considered based on commercial success, which could bring the value of the deal to more than $100 million. SUPG also will receive an option to purchase 10 percent of AVII stock at $35.625, which is 300 percent of Monday's closing price of $11.875. ...