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License agreement with Wyeth Holding Corporation | 9 Months Ended
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Sep. 30, 2014
License agreement with Wyeth Holding Corporation |
License agreement with Wyeth Holding Corporation | Note 12 – License agreement with Wyeth Holding Corporation In July 2007, the Company entered into an agreement to license certain rights from Wyeth Holding Corporation, a subsidiary of Pfizer Inc. (“Wyeth”). The Wyeth license, which provides for an upfront payment (previously made), ongoing annual license fees, sublicense payments, payments on certain milestone development activities and royalties on any product sales, is a non-exclusive, worldwide license to a family of patent applications covering VLP technology for use in human vaccines in certain fields, with expected patent expiration in early 2022. At present, the Company's influenza VLP vaccine programs, both seasonal and pandemic, are the only programs to which the Wyeth license applies. The license may be terminated by Wyeth only for cause and may be terminated by the Company only after it has provided ninety (90) days' notice that the Company has absolutely and finally ceased activity, including through any affiliate or sublicense, related to the manufacturing, development, marketing or sale of products covered by the license. Payments under the agreement to Wyeth from 2007 through September 30, 2014 totaled $6.4 million. The Company is currently in discussions with Wyeth to potentially amend the agreement and reduce the milestone payment owed as a result of CPLB's initiation of a Phase 3 clinical trial for a monovalent H1N1 seasonal influenza VLP vaccine candidate in the third quarter of 2014. Such milestone payment is only owed once and the Company would not be required to make another payment if it or any of its affiliates initiate an additional Phase 3 clinical trial in a seasonal influenza VLP vaccine candidate. The $3.0 million milestone has been accrued for on the consolidated balance sheet at September 30, 2014 and recorded as a research and development expense in the three months ended September 30, 2014.

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