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Biomira Inc. announces amendment to licensing agreement for BLP25 Liposome Vaccine
Biomira Inc. announces amendment to licensing agreement for BLP25 Liposome Vaccine.
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[{"type":"text","content":"\n\n\n\n\nMerck to Commence Phase 3 Clinical Trial of L-BLP25 in Non-Small Cell \nLung Cancer in Mid 2006\n\nMerck to Assume Development Costs and Pay Royalties to Biomira \n\nEDMONTON, Jan. 26 /CNW/ - Biomira Inc. (Nasdaq: BIOM) (TSX: BRA) today\nannounced the signing of a letter of intent to amend the licensing agreement\nbetween Biomira B.V. and Merck KGaA of Darmstadt, Germany for BLP25 Liposome\nVaccine (L-BLP25), currently in development for the treatment of non-small\ncell lung cancer (NSCLC).\nUnder the letter of intent, approved by the Boards of both Companies,\nMerck KGaA will take over administrative and financial responsibility for the\ndevelopment and commercialization of L-BLP25, including the planned phase 3\ntrial in NSCLC, which remains on schedule with the enrolment of the first\npatient expected in mid 2006. Merck also plans to investigate the use of \nL-BLP25 to treat other types of cancer. All future development, regulatory,\ncommercialization and marketing costs for L-BLP25 (including the planned phase\n3 trial, but excluding the Canadian territory) will be borne exclusively by\nMerck KGaA effective March 1, 2006.\nIn return, Biomira's co-promotion interest in U.S. sales will be\nconverted to a specified royalty rate, which will be higher than what Merck\nhas agreed to pay on its sales of L-BLP25 in all markets outside of North\nAmerica or the Rest of World (ROW). The royalty and other arrangements with\nrespect to the ROW will remain generally unchanged (Merck KGaA to assume a\nspecified third party royalty obligation on behalf of Biomira). Similarly, the\nmilestone payments to be made by Merck KGaA pursuant to the collaboration will\nremain essentially the same. The agreed upon royalty rate for the U.S.\nterritory reflects the stage and promise of L-BLP25.\nBiomira will retain responsibility for manufacturing L-BLP25, both for\nclinical trials and following any marketing approval. The existing\narrangements for Canada remain in place with Biomira responsible for the\nCanadian territory.\nDr. Alex McPherson, President and CEO of Biomira Inc., commented, \"This\nis an excellent agreement and will ensure the fastest possible initiation of\nthe phase 3 program in NSCLC as well as the possibility of exploring L-BLP25's\npotential in other forms of cancer. We are delighted by the strong and\ncontinued commitmen...