Chinese pharmaceutical co invests in NasVax

Acebright will invest $1 million in NasVax and will develop and its treatment for fatty liver disease for commercialization in Asia.

Chinese pharmaceutical company Acebright Holdings Ltd. will invest $1 million in NasVax Ltd. (TASE: NSVX), a developer of immunotherapies. The two companies also signed a nonbinding memorandum of understanding granting Acebright an exclusive license to develop and conduct clinical trials of NasVax's Anti-CD3 technology for the treatment of non-alcoholic steatohepatitis (NASH), or fatty liver disease, only, and to commercialize it in the Far East, including China, Hong Kong, Korea, Thailand, the Philippines, and India, but excluding Japan.

Acebright's investment will include $450,000 in NasVax itself for an allotment of 10.5 million shares, 7.5% of the company, and $550,000 in two subsidies to which it will transfer two technologies: the anti-CD3 technology, and the BBS technology for the treatment of Alzheimer's.

NasVax will also allot to Acebright 26.3 million warrants, exercisable for shares over 12 months, for an additional investment of $1.12 million.

NasVax CEO Ari Aminetzah said, "This is NasVax's first important step toward a fertile long-term collaboration with Acebright. The collaboration is based on the mutual ambition and strong commitment to accelerate the further development of our oral treatment for fatty liver disease."

Published by Globes [online], Israel business news - - on September 3, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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