BioVeris Completes Agreements with Children's Hospital & Research Center at Oakland

GAITHERSBURG, Md. -- BioVeris Corporation announced today that it completed an option agreement with Children's Hospital & Research Center at Oakland (CHRCO) for exclusive patent rights to a unique vaccine candidate for Neisseria meningitidis serogroup B, which causes meningitis. Under the agreement with CHRCO, the company acquired an option for exclusive rights to commercialize products for possible use in the prevention, diagnosis and treatment of disease caused by Neisseria meningitidis serogroup B.

The company and CHRCO also entered into a separate Sponsored Research Agreement under which the company will sponsor up to $800,000 of research at CHRCO over a two-year period aimed at developing a vaccine candidate. If the company exercises its option for exclusive rights, it will be required to pay a license issue fee, as well as milestones fees for initiating and completing human clinical trials and securing regulatory approvals, and royalties on product sales.

Source: BioVeris Corporation