Medivir Receives Shares and Cash Payment from Epiphany Biosciences
STOCKHOLM, Sweden - A completed share issue by San Francisco based Epiphany Biosciences, Inc., Medivir’s (STO:MVIRB) licensing partner for the shingles project MIV-606, has led to Medivir obtaining shares in Epiphany corresponding to a 2 % ownership in the company.
Several US and international institutions including Wexford Capital, Windsor Bay Capital, Global Trust Ventures, China Development Industrial Bank, and other investors have invested in the new share issue which raised USD 36m. The share issue proceeds will be used for the continued development of MIV-606 and Epiphany’s other discovery and development programs.
Medivir also received a milestone payment of USD 0.5m from Epiphany, as stipulated in the license agreement from September 2006.
“The great interest for Epiphany’s new share issue reflects the potential which American investors see in the zoster project MIV-606, and we are looking forward to seeing the project proceeding further in development towards a marketing authorization”, comments Medivir’s CEO Lars Adlersson. “We are delighted to have completed the licensing of this drug and look forward to collaborating with Medivir on its clinical development.” stated Fred Volinsky, MD, the CEO of Epiphany Biosciences.
MIV-606 is one of six polymerase projects which Medivir has elected to outlicense in order to focus in-house resources on its phase III project Lipsovir® and selected protease projects. The total deal value for the outlicensed polymerase projects, excluding royalties and payments in shares, amounts to more than USD 400 m.
About Medivir AB Medivir is a Swedish pharmaceuticals company with seven potential drugs in clinical development phases (trials in humans) for various diseases. Medivir’s first pharmaceutical, the cold sore drug Lipsovir®, may achieve a marketing authorization as soon as 2008. The company is listed on the Stockholm Stock Exchange since 1996. For more information about Medivir, please see the company´s website, www.medivir.se
About Epiphany Bioscience Epiphany Biosciences is focused on advancing new therapies for infectious disease. Epiphany’s team includes a world class group of scientists and medical professionals including CSO Michael Houghton, PhD and CMO Brian Murphy MD. The founders include Fred Volinsky MD, Robert Gallo MD, David Myles PhD and Barry Selick PhD. Epiphany is located in San Francisco, California, USA.
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