Mymd Pharmaceuticals Investment Company Oravax Medical and Genomma Lab Announce Joint Venture to Develop and Commercialize Oral Covid-19 Vaccine in Mexico and Drive Business Development in Latin America
November 18, 2021 at 09:15 am EST
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MyMD Pharmaceuticals, Inc. announced that its investment company Oravax Medical Inc., partially owned with its majority partner Oramed Pharmaceuticals Inc., has established a 50?50 joint venture with Genomma Lab Internacional, S.A.B. de C.V., a leading pharmaceutical and personal care products company in Latin America with an expanding international presence, to develop and commercialize Oravax?s oral COVID-19 vaccine candidate in Mexico. Nadav Kidron, Oramed CEO and Oravax Chairman, and Rodrigo Herrera, Genomma Lab Chairman, will hold a joint press event November 18, 2021 at 11:00 am EST. The live press event will be available via Zoom. Oravax?s COVID-19 vaccine is being developed for use both as a standalone vaccine and as a booster for previously vaccinated individuals. MyMD believes that Oravax?s COVID-19 vaccine candidate, as a triple antigen targeting three SARS CoV-2 surface proteins instead of one, including proteins less susceptible to mutation, could be a strong candidate to provide protection even against emerging mutated viruses. The oral delivery of the vaccine could allow for widescale inoculation and easier distribution than injection. Oramed and MYMD are currently evaluating several options with respect to their interest in Oravax, including a potential distribution of Oravax shares to both Oramed and MYMD shareholders. This would make Oravax a publicly held company. MyMD?s ownership of Oravax consists of 13% of Oravax?s outstanding shares of capital stock and a 2.5% royalty on all future net sales. To align interests and deepen the collaboration, Oramed and Genomma Lab announced their intention to enter into a USD 20 million share swap. Genomma Lab has also committed to participate in a future investment in Oravax.
MyMD Pharmaceuticals, Inc. is a clinical-stage pharmaceutical company. The Company is focused on developing two novel therapeutic platforms that treat the causes of disease rather than only addressing the symptoms. The Companyâs MYMD-1 is a drug platform based on a clinical-stage small molecule that regulates the immune system to control TNF-a, which drives chronic inflammation, and other pro-inflammatory cell signaling cytokines. MYMD-1 is being developed to delay aging, increase longevity, and treat autoimmune diseases. It also shows potential as an anti-fibrotic and anti-prolific therapeutic. The Companyâs second drug platform, Supera-CBD, is being developed to treat chronic pain, addiction, and epilepsy. Supera-CBD is a synthetic, preclinical cannabidiol derivative that has been demonstrated to effectively target cannabinoid type 2 (CB2) receptors. Supera-CBD binds to and inhibits opioid receptors, comparing it side by side with plant-based cannabidiol (CBD).
Mymd Pharmaceuticals Investment Company Oravax Medical and Genomma Lab Announce Joint Venture to Develop and Commercialize Oral Covid-19 Vaccine in Mexico and Drive Business Development in Latin America