By Sheri Kasprzak
Atlanta, Dec. 16 - CancerVax Corp. said Thursday it will sell $12 million in stock as part of a collaboration agreement with Swiss biotechnology company Serono Technologies SA.
CancerVax will sell 1 million shares at $12 per share to Serono as part of their collaboration agreement.
The agreement, which the companies agreed to Dec. 15, grants Serono the right to license certain CancerVax trademarks and patents to develop, manufacture, commercialize and use preventions and treatments for Canvaxin, the company's investigational immunotherapy product.
CancerVax will receive $25 million for the arrangement and may also receive up to $253 million in milestone payments from Serono.
Profits from the sales of Canvaxin will be split between the two companies.
Based in Carlsbad, Calif., CancerVax is a biopharmaceutical company focused on developing treatments for cancer.
| Issuer: | CancerVax Corp.
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| Issue: | Stock
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| Amount: | $12 million
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| Shares: | 1 million
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| Price: | $12.00
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| Warrants: | No
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| Investors: | Serono Technologies SA
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| Announcement date: | Dec. 15
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| Stock price: | $9.91 at close Dec. 15
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