Second Amendment To Current Licensing Agreement Approved and Signed
NORTH BRUNSWICK, N.J.--(BUSINESS WIRE)--Advaxis, Inc., (OTCBB: ADXS), the live, attenuated Listeria monocytogenes (Lm) immunotherapy company, and the University of Pennsylvania (“UPenn”) signed a patent amendment agreement (the “Second Amendment Agreement”) allowing Advaxis to acquire exclusive licenses for an additional twenty-seven (27) patents related to the company’s proprietary Listeria vaccine technology.
“Although we are currently in a solid position regarding our technology, IP position and exclusive licensee status with UPenn, this second amendment ensures our continued growth. Our patent portfolio is comprehensive and defendable as evidenced in our successful patent defense in European patent court last year.“”
“This second amendment to our current patent licensing agreement is quite important for the development of Advaxis’ platform technology,” commented Advaxis Chairman/CEO Thomas A. Moore. “Although we are currently in a solid position regarding our technology, IP position and exclusive licensee status with UPenn, this second amendment ensures our continued growth. Our patent portfolio is comprehensive and defendable as evidenced in our successful patent defense in European patent court last year.“
About the UPenn-Advaxis Licensing Agreement
This licensing is part of the company’s 20-year exclusive worldwide license agreement with UPenn. It covers patents that expire as late as 2023. As per the terms of the agreement, Advaxis is required to reimburse UPenn a portion of the associated licensing fees and all legal expenses. In addition, Advaxis provides milestone payments upon achievement of Phase III Trials, regulatory approval and commercialization. UPenn also receives a 1.5% royalty fee.
About Advaxis, Inc.
Advaxis is a biotechnology company developing proprietary, live, attenuated Listeria monocytogenes (Listeria) vaccines that deliver engineered tumor antigens, which stimulate multiple, simultaneous immunological mechanisms to fight cancer. Today, the Company has nine (9) distinct, cancer-fighting constructs in various stages of development, directly and through strategic collaborations with such recognized sites of excellence as the City of Hope, the Roswell Park Cancer Institute, the National Cancer Institute, the University of Pittsburgh and Cancer Research – UK. Advaxis’ technology was developed by Dr. Yvonne Paterson, professor of microbiology at the University of Pennsylvania and chairperson of Advaxis’ scientific advisory board.
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Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements that involve risks and uncertainties. The statements contained herein that are not purely historical are forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements deal with the Company’s current plans, intentions, beliefs and expectations and statements of future economic performance. Forward-looking statements involve known and unknown risks and uncertainties that may cause the Company's actual results in future periods to differ materially from what is currently anticipated. Factors that could cause or contribute to such differences include those discussed from time to time in reports filed by the Company with the Securities and Exchange Commission. The Company cannot guarantee its future results, levels of activity, performance or achievements.
