Horsholm, Denmark, February 9, 2017 – Today, ExpreS2ion Biotechnologies ApS (“ExpreS2ion”), a fully owned subsidiary of ExpreS2ion Biotech Holding AB, announces that VaxInnate Corporation (“VaxInnate”), a US based research licensee, is winding down its operations. This in effect terminates the Research License Agreement announced September 20, 2016. As all payments was received up-front, this has no financial impact on ExpreS2ion.
The Research License Agreement
On September 20, 2016, ExpreS2ion and VaxInnate announced the signing of a new Research License Agreement (“RLA”), granting VaxInnate the right to conduct research based on the ExpreS2 platform technology. VaxInnate has now communicated that it is winding down its operations, primarily due to expiry of a grant awarded by the US government for its lead development project. ExpreS2ion have received the license fee upfront, so the termination of the RLA has no current financial impact on ExpreS2ion.
Steen Klysner, CEO, ExpreS2ion, comments
“It is naturally sad to hear that an accomplished partner as VaxInnate due to lack of funding is winding down its operations and thus terminating a promising technology and pipeline. This however, is not related to the ExpreS2 platform and has no financial impact on our business. We currently see high interest from potential collaboration partners and customers, which we expect to lead to new licensees and tasks for ExpreS2ion.”