VaxDesign is the developer of the Modular IMmune In-vitro Construct (MIMIC(R)) technology that melds immunology with engineering to find solutions to complex biological problems. The system is built to capture genetic and environmental diversity and based on data generated in a surrogate human immune system, provides earlier selection of the optimal product candidate as opposed to using animal models before studies in human clinical trials. MIMIC(R) will be relevant in the assessment of the value of Sanofi Pasteur's vaccine candidates, providing a key "filter" in the preclinical stage for a "go/no go" decision-making process before Phase I human clinical trials.
Under the terms of the agreement, Sanofi Pasteur will make an upfront payment of US $55 million upon closing of the transaction and an additional US $5 million upon realization of a certain development step. The closing of the transaction is expected to occur by the end of 2010, subject to customary conditions precedent.
"MIMIC(R) is the most-advanced platform in the field," declared Michel DeWilde, Ph.D., Senior Vice President, Research and Development, Sanofi Pasteur. "With this novel model for understanding mechanisms of action, the probability of clinical success increases and the time to market should decrease. MIMIC(R) successfully reproduced our own clinical data and is adaptable for the evaluation of multiple diseases and corresponding patient populations. This platform will provide a significant competitive advantage in the development of vaccines."
"We are excited and appreciative to be part of the Sanofi Pasteur legacy of innovation," said VaxDesign's President & CEO William Warren, Ph.D. "The acquisition enables us to leave an imprint on public health through concrete applications of the immune system in a test tube."
VaxDesign, is a privately held U.S. biotechnology company, based in
|SOURCE Sanofi Pasteur|
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