NasVax Ltd. (TASE: NSVX) subsidiary Protea Vaccine Ltd., which is developing a protein based universal vaccine for Streptococcus pneumoniae, is in negotiations with a large pharmaceutical company for the licensing of the product.
NasVax has already reported on these talks, and they are now in an advanced stage.
Protea is seeking a joint development agreement. Such agreements usually do not involve an immediate capital injection, but are based on milestone payments. However, the pending agreement appears to include financing for development by the pharmaceutical company, which will significantly reduce Protea's financial risk.
NasVax's share jumped 14% yesterday, and rose a further 10% in morning trading to NIS 0.99.
Published by Globes [online], Israel business news - www.globes-online.com - on May 19, 2009
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