ExpreS2ion’s Associated Company AdaptVac Receives Milestone Payment Following Completion of Bavarian Nordic’s Clinical Phase III Study for the COVID-19 Vaccine
Hørsholm, Denmark, 21 February 2024 – ExpreS2ion Biotech Holding AB’s affiliate ExpreS2ion Biotechnologies ApS (“ExpreS2ion") today announces that AdaptVac ApS (“AdaptVac”) has received 10 million EUR as a result of Bavarian Nordic having completed the clinical Phase III study of the COVID-19 vaccine ABNCoV2. The board of AdaptVac, in line with authority granted through AdaptVac’s articles of association, has agreed to resolve on the pay-out of excess capital in AdaptVac to the shareholders of AdaptVac, which are ExpreS2ion (34% share ownership) and NextGen Vaccines Holding ApS (“NextGen”) (66%). ExpreS2ion and NextGen have agreed that AdaptVac will retain part of the dividends received to be invested in the Company’s platform technology and pipeline assets.
CEO Bent Frandsen comments:
“We are pleased to announce that the completion of Bavarian Nordic’s clinical Phase III study for the COVID-19 vaccine ABNCoV2 has triggered a milestone payment to AdaptVac, in which ExpreS2ion holds a 34% ownership. The Phase III study served to validate our ExpreS2 technology platform, forming the basis for our ongoing therapeutic HER2+ breast cancer vaccine candidate, ES2B-C001, and future initiatives.”
Certified Adviser
Svensk Kapitalmarknadsgranskning AB
For further information about ExpreS2ion, please contact:
Bent U. Frandsen, CEO
Keith Alexander, CFO
Email: investor@expres2ionbio.com
About ExpreS2ion
ExpreS2ion is a biotechnology company that develops innovative vaccines for a healthier world. We want to transform healthcare by developing novel vaccines, that are life-saving and improving quality of life across the world. ExpreS2ion has developed the unique human clinical Phase III-validated technology platform, ExpreS2™, for fast and efficient development and production of the active material in vaccines. The platform, under the brand GlycoX-S2™, includes functionally modified glycosylation variants for enhanced immunogenicity and pharmacokinetics. Since 2010, ExpreS2ion has produced more than 500 proteins and virus-like particles (VLPs) in collaboration with leading research institutions and companies. ExpreS2ion develops novel VLP based vaccines in association with AdaptVac ApS, of which ExpreS2ion owns 34%. For additional information, please visit www.expres2ionbio.com.
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