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news.Chinese pharmaceutical company Acebright Holdings has signed a memorandum of understanding (MoU) to invest $1m for a 10% stake in NasVax, an immunotherapeutics developer.
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Acebright specializes in the manufacturing of cancer and inflammatory drugs.
NasVax will transfer all its rights to the two main technologies under development, namely an oral immunotherapy Anti-CD3 and BBS for the treatment of Alzheimer’s disease, to two subsidiaries.
Each of the two subsidiaries will focus on developing one technology.
Under the terms of the investment agreement, which is yet to be signed, Acebright will be allocated 10% of each subsidiary as well as the shares in NasVax.
NasVax will use the proceeds from the investment for clinical trials to develop the two technologies, working capital, and general purposes.
Both parties have also planned to sign a concluding agreement and close the deal by the end of July, stated Globes Israel’s Business Arena.
NasVax CEO Ari Aminetzah said that the proposed deal with Acebright is an important strategic step for the company to secure financing and additional strategic partners.
"We are now focusing on closing the investment agreement and production licensing agreement as soon as possible, and completing the spinning off of the activities to the subsidiaries," Aminetzah added.