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Novavax Gets $8 Million for Estrasorb
Posted on 2005-12-23 11:31:00
Novavax, Inc. today announced that it has received the second cash payment in the amount of $8.0 million related to its license agreement with Esprit Pharma, Inc. Cash payments received to-date under the recently executed agreement for the exclusive marketing rights to Estrasorb in North America now total $10.0 million. Novavax will receive another $2.5 million from Esprit Pharma, Inc. upon the first anniversary of the agreement.
With the receipt of these funds announced today, the company's cash balance available for use in its 2006 Business Plan will be approximately $30 million as of year-end 2005.
Novavax, Inc. is a product development company focused on the research, development and commercialization of products utilizing its proprietary drug delivery and biological technologies for large and growing markets. Novavax's drug delivery technologies include the micellar nanoparticle (MNP) technology which is the basis for the development of its first FDA-approved product, Estrasorb. In addition to MNP, Novavax drug delivery technologies include Novasomes (paucillamellar non-phospholipid liposomes) and Sterisomes (subcutaneous depot injection). Novavax's vaccine technologies include its virus-like particle (VLP) manufacturing technology utilizing the baculovirus expression system in insect cells, as well as novel vaccine adjuvants based on Novasomes and dendrimer technologies.
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