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Targeted Genetics to issue shares for AIDS vaccine development
By Elaine Rigoli
Tampa, Fla., June 28 - Targeted Genetics Corp. said it will issue shares of common stock as part of a new collaboration and license agreement with the International Aids Vaccine Initiative (IAVI).
Beyond issuing a small number of shares of its common stock, Targeted Genetics said the agreement will govern the collaboration for as long as there is a vaccine candidate in development or commercialized as a result of the program funded by IAVI.
The new agreement in support of the development and commercialization of HIV/AIDS vaccines - which also includes Columbus Children's Research Institute (CCRI) at Columbus Children's Hospital and The Children's Hospital of Philadelphia, supersedes a previous collaboration agreement entered into by Targeted Genetics, IAVI and CCRI in 2000, when the parties started working together on the development of an HIV/AIDS vaccine.
Under this new agreement, Targeted Genetics said it expects to continue to receive funding from IAVI for the continued development of HIV/AIDS vaccines for the developing world.
Targeted Genetics also received the rights to use the findings from the IAVI funded program to develop and commercialize HIV/AIDS vaccines for both the developed world and for any additional vaccine candidates, according to a news release.
Among other rights granted under this agreement, IAVI retains the exclusive rights for commercialization of any HIV/AIDS vaccine that is developed under the collaboration and will receive a royalty on income received by Targeted Genetics from the development and commercialization of vaccines.
Targeted Genetics is a Seattle-based biotechnology company.
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