Summary: Pharmexa and H. Lundbeck A/S have extended and updated their license
agreement of April 2000 regarding a vaccine against Alzheimer's disease, based
on Pharmexa's proprietary AutoVac™ technology.
Pharmexa and Lundbeck have entered into a new agreement, which is an extension
of the original research and license agreement from April 2000, wherein H.
Lundbeck received a global and exclusive license to PX106, a vaccine against
Alzheimer's disease, developed by Pharmexa.
With the updated agreement, H. Lundbeck's rights to PX106 and other possible
Alzheimer's vaccines covered by Pharmexa's patents, are strengthened.
The new agreement provides for a cash payment of DKK 10 million to Pharmexa
upon signing of the agreement. Moreover, H. Lundbeck takes over certain patent
costs. At the same time, the royalty on future sales which H. Lundbeck is
required to pay to Pharmexa is reduced. In addition, H. Lundbeck have committed
to buy shares to a value of DKK 25 million in Pharmexa's upcoming share issue
which is expected to take place in January 2008.
In connection with the agreement, Pharmexa adjusts the expectations for the
year end results. The company expects a year end result 2007 of approximately
DKK -160 million, based on expected turnover and other income of approximately
DKK 35 million, research and development costs of approximately DKK 165 million
and administration costs of approximately DKK 30 million.
Hørsholm, December 14, 2007
Jakob Schmidt
Chief Executive Officer
Additional information: Jakob Schmidt, Chief Executive Officer, telephone +45
4516 2525
Claude Mikkelsen, Vice President, Corporate Affairs and Communication,
telephone +45 4516 2525 or +45 4060 2558
Note to editors: Pharmexa A/S is a leading company in the field of active
immunotherapy and vaccines for the treatment of cancer, serious chronic and
infectious diseases. Pharmexa's proprietary technology platforms are broadly
applicable, allowing the company to address critical targets in cancer and
chronic diseases, as well as serious infectious diseases such as HIV,
influenza, hepatitis and malaria. Its leading programs are GV1001, a peptide
vaccine that has entered phase III trials in pancreatic cancer and phase II
trials in liver cancer, and HIV and hepatitis vaccines in phase I/II.
Collaborative agreements include H. Lundbeck, GENimmune, IDM Pharma and
Bavarian Nordic. With operations in Denmark, Norway and USA, Pharmexa employs
approximately 105 people and is listed on the Copenhagen Stock Exchange under
the trading symbol PHARMX.
