Generex Biotechnology Corporation (OTCMKTS:GNBT) inked a pact with Bintai Kinden Corporation of Malaysia to develop and commercialize Ii-Key-SARS-CoV-2 coronavirus vaccine.
Generex will earn royalties and fee
The new vaccine induces antibody and T-cell immune responses in patients and safeguards them SARS-COV-2 virus. Under the non-binding MOU, Generex will receive a development fee from Bintai. It will also get back-end licensing fees and royalties on complete coronavirus vaccine sales for revenues up to $150 million.
Generex will also receive 100% funding from Bintai to develop the Ii-Key-SARS-CoV-2 vaccine that comprises regulatory filings, production, laboratory work, and clinical development program to get the regulatory nod in Malaysia.
Clinical trial in multination’s worldwide
To facilitate faster development of the coronavirus vaccine, both the companies will simultaneously implement development and manufacturing. They will conduct a clinical trial of the vaccine in various nations worldwide to find the best outcome of safety, affordability, and effectiveness. The multination approach also helps to get a commercial license from the Health Ministry in Malaysia and other health departments worldwide.
The legal teams of Bintai and Generex are drafting the development contracts and licensing agreements and expect to be finalized and signed soon. Joseph Moscato, CEO of Generex, said the company is pleased to welcome Bintai as a partner in developing a complete coronavirus vaccine to protect against COVID-19.
Joseph said its Ii-Key-SARS-CoV-2 vaccine has the potential for inducing a humoral and cellular response in people and strengthen long term immunity and improve immune system memory against coronavirus. The company developed the process for a proprietary vaccine using its immune system screening program and computational vaccinology to detect specific areas of the SARS-CoV-2 spike protein and neutralize the virus. Generex will leverage the expertise of Bintai in construction and engineering for manufacturing capability and produce several billion doses of the coronavirus vaccine to immunize the population worldwide.
Joseph also expressed gratitude to Bintai for their continued support in developing an effective, safe, and universal vaccine to benefit people in Malaysia and across the world. He is hopeful that the deal with Bintai will help to eradicate the impact of coronavirus that ravaged the economies and health worldwide.