This Acquisition Advances Mymetics' Corporate Strategy to Expand Its Vaccine
Portfolio and Enhances Mymetics' Implementation of the Virosome Delivery
Technology
NYON, Switzerland, March 9, 2009 (GLOBE NEWSWIRE) -- Mymetics Corporation
(www.mymetics.com) (OTCBB:MYMX) announced today that it has signed a Share
Purchase Agreement to acquire 100% of Bestewil Holding B.V., parent company of
Virosome Biologicals B.V., from Norwood Immunology Limited (LSE:NIM) for cash
and considerations.
Virosome Biologicals B.V. is engaged in the development of a proprietary
vaccine delivery platform (virosome) as well as intranasal influenza and RSV
vaccines. Under the terms of the Share Purchase Agreement, Antonius Stegmann,
co-founder and CSO of Virosome Biologicals B.V, will remain CSO of Virosome
Biologicals B.V.
The acquisition of Virosome Biologicals will expand Mymetics' current portfolio
of vaccines which includes an HIV/AIDS early stage preventative vaccine in a
Phase I Human Clinical trial in Belgium, and a Malaria vaccine currently in a
Phase Ib Human Clinical trial in Tanzania. The acquisition brings two
collaborations, an Influenza vaccine in a Phase II Human Clinical trial in
collaboration with the Solvay Group (NYSE Euronext SOLB.BE), and in
collaboration with MedImmune, a Respiratory Syncytial Virus (RSV) vaccine under
pre-clinical testing used to treat a major cause of respiratory illness in
young children, as well as Bestewil's Herpes Simplex Virus development, for a
total pipeline of three vaccine candidates.
The closing will take place on April 1, 2009. The purchase price of EUR7.5
million (US$9.4 million) includes cash of EUR5 million, a secured 36 month 5%
convertible and redeemable note of EUR2.5 million, as well as options with a
value of approximately US$9.6 million. Conversion will be at the lesser of
US$0.80 or the issue price of the shares of common stock that the Corporation
intends to issue after the closing date for the purpose of raising the
necessary funds to repay the bridge loan. Further consideration to be paid
after completion of the Share Purchase Agreement includes:
* A payment of up to EUR2.8 million in cash in the event of a
license agreement being signed with a third party to access
Bestewil intellectual property and know how in the field of RSV
(Respiratory Syncytial Virus) ("RSV Licence:),
* A payment of up to EUR3 million in cash should Solvay
Pharmaceuticals B.V., a member of the Solvay Group (2006 sales US$3
billion), commence a Phase III clinical trial for its intranasal
influenza vaccine,
* A payment of 50% of Mymetics net royalties received from a RSV
License, payable in cash to Norwood,
* A 25% share of any net amounts received by Mymetics from a third
party HSV (Herpes Simplex Virus) License based upon Bestewil
intellectual property payable in cash.
Further details may be found in the Share Purchase Agreement incorporated in
the company's Form 8-K filed with the Securities & Exchange Commission on March
9, 2009.
"This second acquisition fits into our corporate strategy; it increases our
vaccine portfolio from two to three vaccines, it enhances the virosome delivery
methodology, and it strengthens our research and development team," stated
Christian Rochet, CEO, Mymetics Corp. "The enlarged company will have increased
research capabilities, an expanded intellectual property portfolio and a strong
set of clinical trials in the field of immunology," continued Christian Rochet.
About Virosome Biologicals B.V.
Virosome Biologicals B.V., located in Leiden, Netherlands is focused on the
development of virosome based vaccines. The Solvay influenza vaccine using a
Virosome Biologicals adjuvant is currently in Phase II Human Clinical trials
utilising Virosome Biologicals' virosome adjuvant.
On December 5th 2008 Virosome Biologicals B.V. signed a six month exclusive
evaluation agreement for their virosome vaccine technology with MedImmune, an
AstraZeneca subsidiary and recognized leader in vaccine research and
development. Virosome Biologicals B.V. agreed to an exclusive six month
collaborative research programme with MedImmune in exchange for an exclusivity
fee and the reimbursement of certain costs associated with identified MedImmune
vaccine candidates and the Virosome Biologicals B.V.'s virosome technology.
Virosome Biologicals have also developed a proprietary method of producing
virosomes that maintain an excellent membrane fusion activity, a key component
in the initial stimulation of the immune system. Virosome Biologicals'
adjuvanted virosome technology is licensed to Solvay for the development of
intranasal influenza vaccines, with milestones and royalties payable to
Virosome Biologicals as the clinical development and commercialisation
progresses. Solvay is responsible for clinical trials as well as the
development and commercialisation of the vaccine and has successfully concluded
a Phase I Human Clinical trial thus triggering a milestone payment to Virosome
Biologicals. The vaccine was found to be safe and well tolerated. Solvay is
continuing to test the vaccine in Phase II Human Clinical trials.
About Mymetics
In February 2009 Mymetics announced the success of its pre-clinical HIV/AIDS
viral challenge. The proven success of their vaccine in primates could not have
been more compelling: the vaccinated group either proved resistant to the virus
or remained at a non detectable level, whereas the non-vaccinated animals were
completely infected. This success further prompted Mymetics to apply to the
competent European regulatory authority to authorize the commencement of the
Phase I Human Clinical Trials. Approval was granted in December 2008.
Mymetics Malaria vaccine has completed a first round of Human Clinical trial
Phases I and II on adults in Switzerland and in the U.K., for testing of an
initial two-antigen formulation. A Phase 1b clinical trial has been launched in
Tanzania to extend the protocol to children and teenagers in a naturally
endemic area with results expected in Q3 2009. A new cycle of Phase I and II
Clinical trials with five antigens is scheduled thereafter in Q1 2010.
The Mymetics Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5478
Safe Harbor Forward-Looking Statements
Statements contained in this release that are not strictly historical are
"forward-looking statements." Such forward-looking statements are sometimes
identified by words such as "intends," "anticipates," "believes," "expects" and
"hopes." The forward-looking statements are made based on information available
as of the date hereof, and the Company assumes no obligation to update such
forward-looking statements. Editors and investors are cautioned that such
forward-looking statements involve risks and uncertainties that could cause the
Company's actual results to differ materially from those in these
forward-looking statements. Such risks and uncertainties include but are not
limited to demand for the Company's products and services, our ability to
continue to develop markets, general economic conditions, our ability to secure
additional financing for the Company and other factors that may be more fully
described in reports to shareholders and periodic filings with the Securities
and Exchange Commission.
CONTACT: Mymetics Corporation
Europe
Ernest Luebke, Chief Financial Officer
+41 22 363 1310
ernest.luebke@mymetics.com
North America
Anthony Jessop, Senior Vice President
+1 303-800-6606
anthony.jessop@mymetics.com
Mymetics Corporation Acquires Virosome Biologicals B.V.
| Source: Mymetics Corporation