ChronTech infectious, drug delivery news
At its May 16 meeting, ChronTech's shareholders approved the transfer of all of the company's assets related to development programs for DNA vaccines against HBV and HCV to newco Avac Pharma Ltd. for $1 million. Earlier this month, the company said a group of shareholders offered to acquire the assets through the formation of Avac (see BioCentury, May 13).
ChronTech will retain its 20% stake in autoimmune, cancer and infectious company Opsonic Therapeutics Inc. (Marlborough, Mass.), as well as entire ownership of ChronTech's Ivin needle technology. ChronTech will grant Avac a worldwide, exclusive, royalty-free license to all relevant IP to develop and commercialize the vaccines in combination with the Ivin device. Avac will fund development of the Ivin device for use in combination with hepatitis vaccines with up to $1.5 million or up to the start of the first Phase II trial. ChronTech's HCV and HBV vaccines delivered using Ivin are in preclinical testing. ...