Date: 2015-07-02
Type of information: Commercialisation agreement
Compound: PV-10
Company: Provectus Pharmaceuticals (USA - TN) Boehringer Ingelheim (Germany)
Therapeutic area: Cancer - Oncology
Type agreement: commercialisation
Action mechanism: PV-10 is an investigational new drug containing a proprietary injectable formulation of rose bengal disodium, a water-soluble xanthene dye currently in use in a topical opthalmic diagnostic. PV-10 is designed for injection into solid tumors (intralesional administration).
Disease:
Details: * On July 2, 2015, Provectus Biopharmaceuticals announced that it has signed a Letter of Intent (the "LOI") with Boehringer Ingelheim (China) Investment. The purpose of the LOI is to lay a foundation for the two parties to collaborate in bringing PV-10, Provectus' novel investigational drug for cancer, to market in mainland China, Hong Kong and Taiwan. Maxim Group LLC acted as strategic advisor to Provectus in structuring and negotiating the LOI. Under the terms of the LOI, Boehringer will provide certain commercially reasonable support in the aspects of product registration with the China Food and Drug Administration (CFDA), communication preparation, market intelligence and other assistance to Provectus in China to the extent that is within Boehringer's approved business scope and permissible by Chinese laws.
In return, Provectus will grant Boehringer the first priority to be the exclusive collaborator of Provectus in China for PV-10 in the event that PV-10 is successfully registered and approved by the CFDA. The exclusive collaboration may take the form of exclusive distribution and promotion, exclusive licensing or other agreement, subject to both parties' mutual agreement. At the appropriate time, Provectus and Boehringer will enter into a definitive agreement, including a non-compete provision, for PV-10 to be exclusively developed, distributed and promoted through the collaboration within China, although there can be no assurance that the parties will enter into a definitive agreement.
In the LOI signed at the European Society for Medical Oncology (ESMO) World Congress on Gastrointestinal Cancer 2015 in Barcelona, the two parties have agreed to meet regularly and maintain effective communication in order to move forward with the registration and commercialization of the product and assess the potential cooperation between them in China, which may be adopted in a form of exclusive commercial supply, distribution and promotion, partnership or any other forms suitable to both parties' interests.
Financial terms:
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