Roswell Park Comprehensive Cancer Center-Spinout Secures Deal in China Valued up to $148M. MimiVax represents an exciting opportunity in the Buffalo, NY area for the development of a cutting-edge cancer therapy. Targeting anti-cancer immunotherapy for the treatment of glioblastoma brain tumors, MimiVax has inked a deal with Shanghai Fosun Pharmaceutical Industrial Development Co. Ltd.
The Deal Terms
China-based Fosun will pay MimiVax $10 million up-front, with $28 million allocated for over developmental thresholds and $110 million for sales milestones. The consideration: Fosun becomes MimiVax’s long-term distribution arm in China.
The Roswell Park Comprehensive Cancer Center-based spinout has completed Phase I and Phase II clinical trials on a tight budget, producing promising results—their therapy vastly improved (91%) the changes of surviving a glioblastoma.
However capital is key to progress clinical trials into pivotal Phase II/III trial, which leaders hope to commence in spring 2020. The Buffalo-area originated compound has been granted federal Orphan Drug status and this means after one more trial they can file for a New Drug Application for regulatory approval in the U.S. by the FDA
Clinical Trial Funding to Date
To date the emerging biotech startup completed its Phase II trial with $1.5 million from Roswell Park Alliance Foundation. It raised $1.55 million from private investors in 2015. Two investors are on their Board and include Scott Friedman and Jerry Jacobs Jr.
Michael Ciesielski, Roswell Park research and co-founder
Dr. Robert Fenstermaker, co-founder, Roswell ParkSource: American City Business Journal