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GeoVax Labs Inc (NASDAQ: GOVX) stock rallied 35.2% during premarket trading after signing an agreement with PNP Therapeutics giving it exclusive rights to develop and commercialise Gedeptin, a patented novel tumor treatment.
The deal gives GeoVax the worldwide rights to crucial intellectual property such as Gedeptin patents, regulatory filings, technical know-how, trademarks, and clinical materials.
Gedeptin was initially developed by the University of Alabama at Birmingham (UAB) / Southern Research Institute (SRI) with funding from the National Cancer Institute of the National Institutes of Health, after which it was licensed PNP Therapeutics.
The License also grants GeoVax the right to expand the use of Gedeptin to all human diseases and, or conditions including, but not limited to, other cancers. The two companies did not disclose the financial details of the transaction.
David Dodd, GeoVax’s President & CEO, commented: “Today's announcement accelerates our progress within immuno-oncology, providing a pivotal clinical-stage status via the Gedeptin program. We similarly remain focused on accelerating progress related to our SARS-CoV-2 vaccine and look forward to providing further updates soon.”
The biotech company noted that by licensing the Gedeptin technology, it had gained access to a clinical-stage drug candidate, a significant milestone for the company whose treatments are in the pre-clinical stages.
GeoVax’s current treatments are focused on preventive vaccines against Zika Virus, HIV, COVID-19, hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa), and malaria, and therapeutic vaccines targeting multiple cancers.
The company has achieved significant milestones under Dodd’s leadership, including the Nasdaq listing, which followed its recapitalisation and financing in the past year.
GeoVax intends to expand and accelerate Gedeptin’s clinical trial using its current cash reserves.
GeoVax Labs stock price.
Geovax Labs stock was up 35.16% to trade at $5.65, rising from Tuesday’s closing price of $4.18.
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