In preclinical models, a new formulation of the angiotensin vaccine containing CoVaccine’s adjuvant resulted in a tenfold higher level of antibody production against angiotensin than the formulation previously used by Protherics in its phase IIa study.
Protherics has now completed non-clinical safety testing of the CoVaccine adjuvant and has begun manufacturing both the adjuvant and the vaccine. This will allow Protherics to start a phase IIa proof of concept study with the new formulation in the second half of 2007. The goal of this study will be to confirm that the new formulation increases levels of anti-angiotensin antibodies in hypertensive patients and to establish whether this results in a reduction in blood pressure.
Protherics will pay CoVaccine up to E1.05 million, which is to be satisfied by the grant of the right to receive 295,413 Protherics ordinary shares, following the signing of the deal, and a further 590,826 Protherics ordinary shares upon completion of two development related milestones. CoVaccine is also entitled to receive a low single digit royalty on net sales of products containing the CoVaccine adjuvant.