GeoVax Stock Up 23.5% After Entering Licensing Agreement with PNP Therapeutics
GeoVax Labs Inc. (NASDAQ:GVOX), a biotechnology company developing vaccines and immunotherapies against cancers and infectious diseases, announced on September 28th its entry into an assignment and license agreement with PNP Therapeutics, Inc., granting the company rights to develop and commercialize a tumor treatment called Gedeptin®. GeoVax’s stock rose by 23.5% the day following its licensing announcement with PNP, up to $5.16
Gedeptin’s original patenting was licensed from the University of Alabama at Birmingham (UAB) and Southern Research Institute (SRI) by PNP. This new license will grant GeoVax the intellectual property as a successor under PNP.
Gedeptin was granted orphan drug status by the FDA in intra-tumoral treatment of oral and pharyngeal cancers in its ongoing clinical trial, which has recently shown promising results in reducing solid tumor size in patients.
GeoVax CEO and President David Dodd expressed his enthusiasm in the company’s progress with this trial, stating that “our immediate objective will be to accelerate patient enrollment to complete this stage, then expand the trial to additional study sites and at least 25 patients in total. Based on PNP’s End-of-Phase-1 meeting with the FDA, we believe that a successful outcome from the expanded trial may lead to labelling discussions with the FDA at the end of the study.”
In regards to GeoVax’s trajectory on the market, Dodd remarked, “approximately one year ago, we achieved a critical strategic watershed with the successful recapitalization, financing and listing of GeoVax on the Nasdaq stock market. Since then, we have further strengthened the Company resources and status, including our ability to finance the Gedeptin transaction, including expansion and acceleration of the clinical trial using our current cash reserves.”