Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) and Cel-Sci Corporation (AMEX: CVM) have expanded their licensing agreement for Cel Sci's head and neck cancer treatment Miltikine,. Cel-Sci expanded Teva's exclusive marketing license for the drug from Israel and Turkey to Croatia and Serbia.
Multikine is undergoing a global Phase III clinical trial, including at three hospitals in Israel, which Teva is funding. Teva will bear the registering and selling costs of the drug in Serbia and Croatia and will pay Cel-Sci milestone payments after the drug is approved. The two companies will share the revenue generated in all four countries.
The Israeli trial will begin at Soroka Medical Center in Beersheva, where registration is due to begin shortly. The full global trial is due to include 880 patents at 40 hospitals in nine countries. Taiwan's Orient Europharma Co. Ltd. (Taipei: 4120) is also a party in the Multikine clinical trial, which aims to set a new standard of treatment for head and neck cancer. The Phase II clinical trial found that Multikine killed 12% of the cancer cells within a month, and the treatment regime can kill half the tumor cells before chemotherapy begins, boosting patients' survival rates by 33%.
Cel-Sci CEO Geert Kersten said, “We are pleased to expand our relationship with Teva. Strengthening this relationship will help in maximizing Multikine’s potential in developing markets while retaining rights to market Multikine in North America and most of Europe."
Teva's share price rose 1.1% on Nasdaq yesterday to $47.80, giving a market cap of $44.9 billion, and rose 0.1% by mid-afternoon on the TASE today to NIS 164.20.
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