BioVaxys Technology Corp. (CSE:BIOV, OTCQB:BVAXF) has announced the execution of a binding term sheet with Barcelona-based Procare Health Iberia SL, granting BioVaxys exclusive US marketing and distribution rights for two products that treat cervical lesions.
The first is Paplicocare, the world’s first and only vaginal gel product shown with clinical evidence to prevent and treat HPV-dependent cervical lesions. The other is Immunocaps, an oral over-the-counter nutritional supplement that supports immune function and vaginal microbiota to help re-epithelialization of cervical lesions, the company said.
BioVaxys noted that since Immunocaps is an OTC supplement, the company doesn’t expect to need regulatory approval, allowing for rapid build-out of sales channels and revenue generation.
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The deal also gives BioVaxys the right of refusal in the US for two other products, Ovosicare and Libicare, Procare's OTC supplements to support fertility enhancement for late maternity or IVF processes and to improve symptoms of menopause such as low libido.
"We are honored to expand the terms of our partnership with Procare Health, one of Europe's leading innovators in women's healthcare, further strengthening our women's healthcare product pipeline,” BioVaxys CEO James Passin said in a statement.
Financial terms of the agreement include milestone payments and royalties on sales, the company said. The parties have agreed to complete an initial ten-year duration exclusive supply and distribution agreement by December for Papilocare Gel and Immunocaps.
Manufacturing will remain in Spain, although BioVaxys will have responsibility for US regulatory approval for Papilocare. The company anticipates US registration of the product as a Class II medical device.
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