Does it? On November 13, 2020, Generex Biotechnol
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Posted On: 12/17/2020 8:20:37 PM
Does it?
Upon execution of the agreement, which was executed when signed, not when joint entity is established.
Quote:
On November 13, 2020, Generex Biotechnology Corporation and its majority owned subsidiary NuGenerex Immuno-Oncology, Inc., (collectively “Generex”) signed The Ii-Key Innovative Vaccine Development Agreement (the “Agreement”) with Beijing Youfeng International Consulting Co., Ltd (“BYIC”), National Institute for Viral Disease Control and Prevention, Chinese Centre for Disease Control and Prevention (“NIVDC”) and Beijing Guoxin Haixiang Equity Investment Partnership (“BGHEIP” and together with BYIC and NIVDC, the “China Partners”) to set up a joint research team and a joint entity in China (the “Joint Entity”) that shall jointly develop and industrialize the Generex internationally patented Ii-Key innovative technology for a SARS-CoV-2 coronavirus peptide vaccine (the “Vaccine”) and other vaccines in the People’s Republic of China (“China”) and for Generex to provide the Joint Entity with an exclusive license to use its intellectual property; technical know-how, pre-clinical and clinical data and background materials, in each case, relating to Ii-Key-SARS-CoV-2 technology in the People’s Republic of China, including Hong Kong Special Administrative Region and Macau Special Administrative Region, but excluding the Islands of Taiwan (the “Licensed Territory”). The Agreement, among other things, consists of the Joint Entity providing 100% funding for the clinical development, manufacturing and commercial registration of the Vaccine for China and paying Generex licensing and royalty fees as follows:
1. Licensing Fee: $5,000,000 (Five Million USD) upfront fee due upon the execution of the Agreement; and then upon a successfully approved Vaccine, and an additional $20,000,000 (Twenty Million USD) from the net profits from the Joint Entity.
2. Royalty Fee: Once the Vaccine comes on to market for the first commercial sale, then the Joint Entity shall:
a. Offer Generex 20% of the equity interests in the Joint Entity; or
b. Cash payments to Generex in a price equal to US$2.00 per dose for the COVID-19 vaccine.
Upon execution of the agreement, which was executed when signed, not when joint entity is established.
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