Navigation Links
Bavarian Nordic Receives $25 Million Milestone Payment From HHS for Fulfilling Contract Milestones
Date:11/30/2007

WASHINGTON DC, November 30 /PRNewswire-FirstCall/ -- Bavarian Nordic has received permission from the Department of Health and Human Services (HHS) to invoice a milestone payment of $25 million as allowed under the RFP-3 contract* to manufacture and deliver 20 million doses of the company's, IMVAMUNE(R) next-generation smallpox vaccine candidate. HHS granted permission because the company fulfilled a number of significant milestones in the contract. The income will be recognised as revenue in the company's financial statements for 2007.

Anders Hedegaard, President & CEO of Bavarian Nordic, said, "We are very satisfied that we have fulfilled another significant milestone as agreed with the Department of Health and Human Services. With the already received and future payments, we have created a solid financial base for our further development."

In October 2007, Bavarian Nordic received an advance payment of $50 million from HHS as allowed under the contract. In addition to this amount and the current milestone payment, the company expects to receive an additional milestone payment of $25 million in 2007.

About the smallpox vaccine contract

In June 2007, HHS awarded Bavarian Nordic a BioShield contract to manufacture and deliver IMVAMUNE(R), a next-generation smallpox vaccine candidate to the strategic national stockpile. The contract calls for the registration of IMVAMUNE(R) as a safe and effective smallpox vaccine in healthy people, but in the event of a smallpox outbreak the vaccine would be recommended to protect people who have weakened immune systems.(1)

The five-year contract is valued at more than $500 million, with an option that if exercised, extends the value to $1.6 billion and the performance period of the contract. The contract option would allow the government to procure up to an additional 60 million doses of IMVAMUNE(R) and support additional clinical studies for extending the license to include the HIV-infected, pediatric, and geriatric populations.

Bavarian Nordic's contract is the first next-generation, or completely new product procured by HHS under the BioShield program. It is also is the first contract where HHS has utilized all of its existing and newly-acquired payment authorities (Advance Payment, Milestone Advance Payment, and Performance Based Payment) as granted under the Project BioShield Act (2004), The Pandemic and All-Hazards Preparedness Act (2006), and the FAR subpart 32.10.

Notes/References

* This project has been funded in whole with Federal funds from the Office of the Assistant Secretary for Preparedness and Response, Biomedical Advanced Research and Development Authority, under Contract No. HHSO100200700034C.

(1) http://www.hhs.gov/news/press/2007pres/06/pr20070604a.html

About Bavarian Nordic

Bavarian Nordic, headquartered in Denmark, is a leading international biopharmaceutical company developing and producing innovative vaccines to prevent and treat infectious diseases and cancer.

In the U.S., Bavarian Nordic operates subsidiary companies, BN ImmunoTherapeutics, in Mountain View, California developing vaccines against cancers, and Bavarian Nordic Inc. in Washington, D.C. focused on business development, marketing, and government relations for the Bavarian Nordic Group. For more information on Bavarian Nordic visit: http://www.bavarian-nordic.com

"Safe Harbour" Statement under the Private Securities Litigation Reform Act of 1995": Except for the historical information contained herein, this release contains "forward-looking statements" within the meaning of the Private Securities Reform Act of 1995. No "forward-looking statement" can be guaranteed, and actual results may differ materially from those projected. Bavarian Nordic undertakes no obligation to publicly update any "forward-looking statement", whether as a result of new information, future events, or otherwise. Additional information regarding risks and uncertainties is set forth in the current Annual Report and in Bavarian Nordic's periodic reports, if any, which we incorporate by reference.


'/>"/>
SOURCE Bavarian Nordic A/S
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Bavarian Nordic Reports Positive Data from First EUA Enabling Study with IMVAMUNE(R) Smallpox Vaccine Candidate
2. Nordic Naturals Introduces Ultimate Omega 500 - Their Best Selling Formula Now Available in a Smaller Size Soft Gel!
3. Lake Elsinore Family Caregiver Receives Free Power Wheelchair From The SCOOTER Store
4. DaVita Receives Civil Complaint
5. Ranbaxy Receives Tentative Approval to Manufacture and Market Galantamine Tablets on an Exclusive Basis
6. Watson Receives First FDA Approval for Manufacturing Product at Its Goa, India Facility
7. Edwards Lifesciences Receives CE Mark for Edwards SAPIEN Transcatheter Heart Valve
8. Mayo Clinic Multidisciplinary Simulation Center Receives Distinction as an ACS-Accredited Education Institute
9. PainCare Receives $14.4 Million in Cash From Completed Sale of South Florida Ambulatory Surgery Centers
10. UT Southwesterns obesity research receives $22 million NIH Roadmap grant
11. Temple Emergency Medicine receives $1.8M to find best MRSA treatment
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/23/2017)... ... February 23, 2017 , ... Rare Disease ... will be participating in Rare Disease Day events, hosted by the Rare Disease ... Disease Report, a website, weekly e-newsletter and quarterly publication, will be conducting interviews ...
(Date:2/23/2017)... ... 23, 2017 , ... Los Angeles-based weight loss surgeon Michael Feiz, M.D., F.AC.S. ... Not to Hot,” which will begin airing on February 24, 2017. The show chronicles ... the 2012 reality television series, “Here Comes Honey Boo Boo.” The earlier series from ...
(Date:2/23/2017)... NJ (PRWEB) , ... February 23, 2017 , ... ... in thought leadership , media relations, content marketing, social media management, corporate ... several clients already in the state and in nearby New Hampshire, Massachusetts and ...
(Date:2/23/2017)... Angeles, California (PRWEB) , ... February 23, 2017 ... ... Global Sports Development will host a diverse symposium on “Doping in ... of Law and Sheppard Mullin Richter & Hampton LLP. The symposium will be ...
(Date:2/23/2017)... ... 2017 , ... Pink Pig Publishing LLC announces the launch ... the world from different perspectives. By providing a place for people of all ... empathy, and find greater happiness. , "Our approach to structuring content is ...
Breaking Medicine News(10 mins):
(Date:2/23/2017)... Research and Markets has announced the addition of the ... report to their offering. ... The Global Endoscopy Market is poised to grow ... reach approximately $47.6 billion by 2025. This industry ... segments on global as well as regional levels presented in the ...
(Date:2/23/2017)... Ga., Feb. 23, 2017  MiMedx Group, Inc. (NASDAQ: ... tissue and patent-protected processes to develop and market advanced ... Spine, Sports Medicine, Ophthalmic, and Dental sectors of healthcare, ... and full year ended December 31, 2016. ... Revenue is a 31% increase over full year 2015 ...
(Date:2/23/2017)... Feb. 23, 2017   SeraCare Life Sciences ... in vitro diagnostics manufacturers and clinical laboratories, is ... Implementation of NGS-Based Tests" to be hosted by ... at 11am Eastern Standard Time (US). ... the need for improved performance and global standardization ...
Breaking Medicine Technology: