Virax Shares Soar, 3 December 2009

3 December 2009 - www.proactiveinvestors.com.au

Virax Holdings shares soar on US FDA fast track status for lung cancer treatment

Melbourne-based Virax Holdings (ASX: VHL) has reported that the the US Food and Drug Administration (FDA) has granted fast track development designation for the TG4010 treatment of Non-small-celllung cancer (NSCLC).

Investors liked the news, pushing the Virax share price up 56.2%, to 7.5c.

TG4010 utilises Virax’s Co-X-Gene™ technology which Transgene SA of Strasbourg, France accesses under a License Agreement with Virax. 

Virax’s Co-X-Gene™ sub licence provides that a percentage of milestone moneys received by Transgene are payable to Virax.

Under the terms of the agreement, Virax will benefit from milestone and royalty payments upon Transgene achieving relevant development milestones and sale of product.

Chief executive officer of Virax, Dr. Larry Ward said tThe granting of fast-track status for TG4010 is significant for the potential future success of the product."

"This recognition by the FDA confirms the importance of the product in a very large market area of unmet medical need," he said.

"Peak sales for such a non-small-celllung cancer product have been estimated at over US$1 billion per annum. The fast track status will also shorten the time required for TG4010 to reach the market”.