NasVax also granted Novartis an option to buy a non-exclusive license to use the VaxiSome technology for some of its own vaccines.
NasVax Ltd. (TASE: NSVX) has extended its research agreement with Novartis AG (NYSE:NVS; LSE: NOV; SWX: NOVZ) to develop improved vaccines with NasVax's productVaxiSome by six months. The original agreement with Novartis Vaccines and Diagnostics Srl, signed in February, was for 14 months.
NasVax also granted Novartis an option to buy a non-exclusive license to use the VaxiSome technology for some of its own vaccines.
The joint research program includes testing VaxiSome as an adjuvant (a substance that stimulates an immune response) on current Novartis vaccines and to test its feasibility on various vaccine encouraging substances.
NasVax's share price fell 0.6% on the news, after rising 1.% in early trading, to NIS 2.45, giving a market cap of NIS 97 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 20, 2011
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