KUALA LUMPUR: Ho Wah Genting Bhd (HWGB) today signed a joint venture agreement (JV) with US-based E-Mo Biology Inc (EBI) to undertake Phase 4 clinical trials for a new poliomyelitis virus vaccine (PVV) for Covid-19.
The deal, which signed by HWGB's wholly-owned subsidiary HWGB Biotech Sdn Bhd (HWGB Biotech), will also allow the latter to conduct research and development (R&D) of vaccines, immunological treatment and diagnostic product development for the Covid-19 virus.
Under the JV, HWGB Biotech will invest US$1 million and be entitled to a 40 per cent of the total net profit, HWGB Bursa Malaysia filing today said.
Furthermore, following the memorandum of agreement signed on 06 August 2020, HWGB Biotech will also be entitled to exclusive rights for the production, distribution and the sale of the Covid-19 vaccine in Southeast Asia countries.
"We hope the repurposing of the proven poliovirus vaccines can fast track the Covid-19 vaccine development to save lives, as the situation now is dire," said HWGB chief executive officer Datuk Aaron Lim Ooi Hong.
"Additionally, the JV represents a further step to firm up the collaboration of both parties that will be beneficial for both," he said in the exchange filing.
EBI will carry out the R&D, testing, registration and commercialisation of the 5 provisional patent application and other activities relating to the patents which EBI owns, for the purpose of treating the diseases.
The vaccine is currently awaiting necessary approval from the United States Food and Drug Administration (FDA) to conduct Phase 4 clinical trials.