Nov 24, 2009
By BRUCE ERSKINE Business Reporter
Tue. Nov 24 - 4:46 AM
Revenues from an agreement with Pfizer Animal Health will help a Halifax company develop human vaccines for cancer and infectious diseases.
"It’s huge," Brian Lowe, vice-president of Immunovaccine Inc., said Monday in an interview.
"The moneys will go to our efforts in human health."
The Halifax biotech firm has signed an exclusive worldwide agreement with Pfizer Animal Health, a division of pharmaceutical giant Pfizer Inc., for the use of Immunovaccine’s patented vaccine-delivery technology.
Pfizer Animal Health plans to develop enhanced cattle vaccines using the technology, which reduces the number of required doses and improves the onset and duration of antibodies.
At Pfizer’s request, the terms of the agreement were not disclosed for business confidentiality reasons. But Mr. Lowe said the agreement, which involves signing fees and royalties, is "substantial."
Mr. Lowe noted that global animal health product sales hit $19.2 billion in 2008.
New York-based Pfizer, which makes Viagra, Celebrex and Lipitor, is the world’s largest pharmaceutical company.
In October, Pfizer reported earnings of $2.8 billion on revenues of $11.6 billion for the third quarter of 2009.
Mr. Lowe said the licensing agreement announced Monday followed a pilot project involving a single Pfizer Animal Health cattle vaccine using the Immunovaccine delivery system.
He said Pfizer Animal Health, which invests $300 million annually to develop animal prescription medicines and vaccines, was attracted by the "broad applicability" of Immunovaccine’s technology.
Immunovaccine president Randal Chase said the agreement validates the delivery technology’s commercial potential.
"Pfizer Animal Health is known around the world for its treatment and prevention of disease in cattle, and we are pleased to secure a further licensing agreement designed to advance their development of promising vaccines for veterinarians and producers," he said in a news release.
Juan-Ramon Alaix, president of Pfizer Animal Health, said there is a growing demand from beef and dairy producers around the world for new cattle vaccines that can be administered safely and easily.
"Pfizer looks forward to developing cattle vaccines incorporating Immunovaccine technology that will contribute to meeting this demand," he said in a news release.
Mr. Lowe said the licensing agreement provides Immunovaccine with cash flow at no cost. His company employs 22 people.
"It won’t increase the size of our company," he said.
But it will fund the firm’s research into finding vaccines for cancer and diseases like pseudomonas aeruginosa, an infection often contracted in hospitals.
Immunovaccine recently signed an agreement with the National Cancer Institute in Maryland to work together on a cancer vaccine.
The Halifax company, formed to commercialize vaccine research done at Dalhousie University in Halifax, has contracted Cato Research Canada to help manage a clinical trial for a therapeutic vaccine for ovarian, breast and prostate cancer.
Immunovaccine was recently listed on the TSX Venture Exchange.
URL
http://thechronicleherald.ca/Business/1154316.html#recommends
Source
The Chronicle Herald