Vienna based Cel-Sci Corporation (NYSE AMEX: CVM) said it has modified its licensing agreement with Israel based Teva Pharmaceutical Industries Ltd.
The agreement will now include eastern European country Croatia and the nation of Serbia in addition to the countries, Israel and Turkey.
The joint venture centers around Cel-Sci's experimental cancer treatment drug called Multikine. Pharmaceutical giant Teva will be responsible for marketing and fees associated with selling Multikine. Profits and revenue will be divided between Teva and Cel-sci.
Geert Kersten, Chief Executive Officer of CEL-SCI said "We are pleased to expand our relationship with Teva. Strengthening this relationship will help in maximizing Multikine's potential in developing markets while retaining rights to market Multikine in North America and most of Europe,"
Multikine now in Phase III study trials, is supposed to aid patients with head and neck cancer. According to Cel-Sci the drug will be administered alongside conventional methods of treatment for Advanced Primary Squamous Cell Carcinoma of the Oral Cavity/Soft Palate (Head and Neck cancer). Standard current action includes Surgery plus Radiotherapy or Surgery plus Concurrent Radiochemotherapy.
Cel-Sci Corporation is one of the few biotechnology companies in Northern Virginia, its market capitalization is approximately $107 Million.