Virax signs supply deal with US MedImmune
Wednesday, 02 April, 2003
Virax Holdings has entered into a supply agreement with US biotechnology company MedImmune.
While terms of the agreement are confidential, Virax CEO Dr David Beames said that the company would be providing technology to MedImmune for use in developing future products, and in return Virax would receive up to $US400,000 ($AUD716,000) upon successful delivery of the technology.
"From our point of view, a key aspect of this agreement is that it is a recognition of our expertise from a significant player on the global stage," he said.
MedImmune is a well-established US biotechnology company focusing on infectious disease, immune regulation and cancer, with five products on the market and another 11 in clinical trials, including a number of vaccines.
Beames said that Virax hoped the supply agreement would pave the way for future collaboration between the two companies. Last year MedImmune established a $US100 million ($AUD166.25 million) venture capital fund for the purpose of investing in both private and public biotechnology companies; primarily in the areas of infectious disease, immunology and cancer.
"We'd hope that at some stage they take a closer look at our technology," said Beames.
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