China-based Everest Medicines (HKG: 1952) has announced that the company has achieved the preclinical proof-of-concept milestone for its mRNA rabies vaccine program. This new vaccine candidate for rabies post-exposure prophylactic was developed in partnership with Providence Therapeutics Holdings Inc., using a clinically validated mRNA technology platform. It can be used for prevention and treatment after rabies virus exposure.
Licensing Deal and Global Rights
Everest struck a licensing deal with Providence in September 2021, taking rights to the latter’s mRNA vaccine in multiple countries, alongside global rights to two preventative or therapeutic products, including the rabies vaccine. They hold 50/50 global rights to develop and commercialize the new rabies vaccine.
Milestone and Share Issuance
As part of the licensing deal, Everest must issue 3,492,365 shares to Providence at the closing of the third batch of milestones. This milestone achievement marks a significant step forward in the development of the mRNA rabies vaccine, highlighting the potential for this innovative technology to address a critical public health need.-Fineline Info & Tech
