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Vita 34 AG / Key word(s): Agreement/Scheme of Arrangement Subsidiaries of Vita 34 reach agreement with US licensor 09-Aug-2024 / 17:04 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Subsidiaries of Vita 34 reach agreement with US licensor Leipzig, 9 August 2024 – Vita 34 AG announced on 27 September 2023 that its subsidiaries, FamiCordTx S.A. (“FamiCordTx”) and Polski Bank Komórek Macierzystych sp. z o.o. (“PBKM”) filed a lawsuit against a U.S. biotechnology company (“Licensor”), as the Licensor was unable to comply with the license agreement under which the FamiCordTx and PBKM had acquired an exclusive permission for the use of CAR-T technology (the “CAR-T Licence”). This means the Licensor could not grant the CAR-T Licence to the extent required for the project. Based on this license, FamiCordTx intended to develop and market cancer immunotherapy. The civil action was filed on 27 September 2023 in a United States district court. The complaint alleged claims, among others, for material breach of the agreement by the Licensor. Despite the filing of the action, the parties involved continued negotiations in good faith to resolve this dispute. Today the parties completed their negotiations for a termination agreement of the original license agreement and a new know-how license agreement between FamiCordTx and PBKM on the one hand and the Licensor on the other, which solves the topic of the lawsuit. The new know-how licensing agreement is limited in its scope and covers technology and know-how previously transferred by the Licensor to FamiCordTx and PBKM. The know-how licensing agreement secures access to the CAR-T technology required in particular for the modified projects and provides for lower-level market standard royalty payments by FamiCordTx and PBKM in case of commercial use or sale without milestone payments. Notifying person: Jakub Baran (CEO) — End of inside information pursuant to Art. 17 MAR — End of Inside Information Information and Explanation of the Issuer to this announcement: Contact: Company Profile Vita 34 was founded in Leipzig in 1997 and today is by far the leading cell bank in Europe and the third largest worldwide. As the first private umbilical cord blood bank in Europe and a pioneer in cell banking, the company has since offered the collection logistics, processing and storage of stem cells from umbilical cord blood, umbilical cord tissue and other postnatal tissues as a full-service provider for cryopreservation. Due to the expansion of the business model following the merger with PBKM, the company intends to invest in the areas of Cell & Gene therapies and CDMO. The body’s own cells are a valuable starting material for medical cell therapy and are kept alive in the vapor of liquid nitrogen. Customers from about 50 countries have already provided for the health of their families with around one million units of stored biological material at Vita 34. 09-Aug-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
Pharmalittle: We’re reading about Medicaid coverage of obesity drugs, a death in a sickle cell trial, and more
Good morning, everyone, and how are you today? We are doing just fine, thank you, despite cloudy skies looming over the Pharmalot campus. After all,
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