MEDIVIR OUTLICENSES THE ANTIVIRAL COMPOUNDS ALOVUDINE (MIV-310) AND MIV-410 TO PRESIDIO PHARMACEUTICALS.

Medivir AB and Presidio Pharmaceuticals Inc announced today the signing of license agreements for alovudine (MIV-310), Medivir's phase II compound with potent activity against multidrug resistant HIV, and MIV-410 a preclinical compound which has a novel mechanism of action against HIV and is also efficacious against cytomegalovirus (CMV).

Under the terms of the agreements Presidio will be responsible for the further development of alovudine and MIV-410. Medivir will receive equity in Presidio, milestone payments of maximally USD 75.25m and royalties on sales. Medivir has retained the right to market and book sales of developed products in the UK and Nordic countries, and has an option for the same in the remaining countries of the European Union.

Phase II studies have shown alovudine to be more efficacious than other nucleoside analogs against multidrug resistant HIV. Recent in vitro results indicate that coadministration of alovudine and zidovudine increases the safety margin and leads to a synergistic effect against HIV.

In preclinical studies MIV-410 has been shown to have a novel mechanism of action against HIV, enabling it to retain activity against several HIV mutants with resistance to thymidine analogs (TAM mutants) and nucleoside analogs (NAM mutants). MIV-410 also has potent activity against CMV which causes life-threatening infections in immunodeficient patients.

“We are delighted to collaborate with Presidio, an emerging US based company with a high competence in the antiviral field” comments Lars Adlersson, CEO and President of Medivir. “By out-licensing alovudine and MIV-410 we have now accomplished our goal to find partners for for six out of seven projects in the Medivir HIV Franchise portfolio. Our internal focus is now firmly on our protease programs and our phase III coldsore treatment Lipsovir.”

“Licensing alovudine and MIV-410 will strengthen Presidio’s portfolio of projects in the infectious disease area. The rapidly growing need for drugs against multiresistant HIV offers a large market opportunity for both alovudine and MIV-410, and will also favour the development of MIV-410 for life-threatening CMV infections” says Dr Omar K. Haffar, President and CEO.

Medivir was advised by Burrill Merchant Banking during the execution of these license agreements.