Provalis Plc Announces Agreement with Chiron Vaccines
Provalis plc. is a diversified healthcare group with two main operating businesses.
Medical Diagnostics – Company develops and sells to world markets
medical diagnostic products for chronic disease management. The business’ principal products are Glycosal(R) and Osteosal(R)in the areas of diabetes and osteoporosis respectively.
Pharmaceuticals – Provalis plc. sells and markets its own, and third party, branded, prescription medicines in the UK and Ireland to GPs and hospitals through its own regionally managed sales force. The business’ principal product is Diclomax(R), a medicine for use in the treatment of musculo-skeletal disorders, and it also sells products in the areas of gastroenterology, osteoporosis, migraine and dermatology.
Provalis plc. U.K. based, The Medical Diagnostics and Pharmaceuticals Group, announces on, July 1, 2004, that it has signed an option agreement with Chiron Vaccines.
Chiron Vaccines, a business unit of Chiron Corporation, is the world’s fifth-largest vaccines business and the second-largest provider of influenza vaccines
Under the terms of the agreement:
Chiron Vaccines is granted an initial 12 month, exclusive option (extendable by a further 12 months on payment of a fee) to evaluate Provalis’ protein based vaccine candidates to prevent Group B Streptococcus infection; Chiron Vaccines has paid an initial option fee to Provalis and will pay all costs connected with the patents underpinning these vaccine candidates; Chiron Vaccines has the right to enter into an exclusive licence for, or to acquire, these vaccine candidates, in both cases on pre-determined terms (which include the quantum of staged milestone payments and royalty rates for the licence).
All the factors that could affect the Company’s future results are more fully described, as defined in the US Private Securities Litigation Reform Act of 1995, in its filings with the US Securities and Exchange Commission, in particular the latest 20-F filing, copies of which are available from the Company Secretary at the Company’s registered address.
Provalis’ under took Vaccine Development programme from 1998 to 2002. Provalis identified a number of recombinant protein antigens as candidates for common infections. However, given the significant costs required to fund the development of lead candidates through clinical trials, Provalis concluded that further development was beyond its resources and so sought partners for the development programmes.
Group B Streptococcus (GBS) is a species of bacteria causing severe infection including meningitis, pneumonia and bacteraemia in infants and the elderly. Provalis’ proprietary recombinant protein based antigens allow the development of a vaccine to prevent or treat cases of GBS infection.