Inovio Pharmaceuticals Inc. ($INO) announced its new collaboration with ApolloBio Corporation. The new pact deals with providing ApolloBio with the exclusive right to develop and commercialize VGX-3100, which is Inovio’s DNA immunotherapy product designed to treat pre-cancers caused by human papillomavirus (HPV). ApolloBio will have commercializing rights within Greater China (China, Hong Kong, Macao, Taiwan).
The terms of the deal will result in Inovio receiving $15 million in upfront and near term payments consisting of an initial $3 million signing fee. Another $12 million milestone payment will be due upon lifting of the VGX-3100 phase 3 pre-initiation clinical hold by the FDA.
The company stock jumped over 6 percent in its Monday trading session. The stock is down nearly 2 percent on Year to Date basis while its 12 months gain stands at 8 percent.
Inovio was recently in the news for its new Zika treatment GLS-5700. It is developing the treatment in collaboration with GeneOne Life Sciences. The successful pre-clinical testing of GLS-5700 was done in mice and monkeys during the first half of 2016. The study involved 40 patients and were divided into two groups with low and high dosage.
After administering one or two vaccinations, patients in both groups demonstrated Zika antigen-specific antibody responses.