Midatech receives upfront on Emergex vaccine deal

Midatech Pharma said that following the licence granted to Emergex Vaccines Ltd, it has received an upfront technology access fee and option payment of £450,000 under the terms of the contract.

This exclusive licensing agreement covers the use of Midatech's proprietary gold nanoparticle platform in the development of vaccines for influenza, meningitis, bacterial pneumonia, Ebola virus, Marburg virus and viruses within the Arbovirus class such Zika and Dengue.

This is the first deployment of Midatech's gold nanoparticles as a conventional vaccine for infectious disease.

Under the agreement, the licence, together with the Service and Manufacturing Agreement for both the synthesis and development manufacturing of cGMP material for clinical trials, was novated from Emergex Vaccines Limited to a related entity Emergex Vaccines Holding Limited ("Emergex"), a private UK biotechnology company focused on developing synthetic T-cell vaccines against new and emerging infectious diseases.

Midatech will continue to be entitled to receive certain milestone and royalty payments, as well as service fees, as part of the arrangement.