Generex grants Shenzhen rights in China to cancer vaccine

Antigen Express Inc., a subsidiary of Generex Biotechnology Corp. (OTCQB:GNBT), granted Shenzhen BioScien Pharmaceuticals Co. Ltd. (Shenzhen, China) rights to develop and commercialize Ii-Key/HER2/neu cancer vaccine (AE37) in Taiwan and China, including Hong Kong and Macau, to treat prostate cancer.

Generex received an upfront payment of $700,000 from Shenzhen BioScien. Generex is eligible for two milestone payments of $1 million each upon completion of Phase II and Phase III trials, respectively, and an additional $2 million upon approval of the vaccine. It is also eligible for a 10% royalty on net sales...