Together with the E150 million equity investment made in September 2007, this payment brings the cash received to date by Intercell under this strategic alliance with Novartis to E230 million.
Another unconditional and committed payment out of this alliance of E40 million is due in 2008. Intercell’s cash position is now more than E290 million, which secures the optimal speed of development programs and the strategic growth of the company.
Werner Lanthaler, CFO of Intercell, said: “Only about half of this fee received from Novartis will be booked as revenue in 2007, nevertheless we expect this year to become the first profitable full year of Intercell. Our R&D teams have completed the kick-off for the first key products within this alliance, including a novel Influenza vaccine adjuvanted with IC31 and the co-development for a therapeutic hepatitis C virus vaccine.”