HTBX - Heat Biologics signs a licensing agreement; Appoints new CFO

Zolovax, Inc., a wholly-owned subsidiary of Heat Biologics (HTBX), has entered into an exclusive license agreement with the University of Miami for its UMIP-510 platform. Heat Biologics has also promoted William Ostrander as Chief Financial Officer with effect from January 4, 2021.The agreement, giving Zolovax exclusive, worldwide rights, covers the license and development of a portfolio of patents leveraging the UMIP-510 platform to target the COVID-19 virus and other infectious diseases.Per the agreement, Zolovax has paid an upfront fee of $2,500 and is required to pay certain annual payments as well as royalties equal to a percentage (in the low-to-mid single digits) of net sales of licensed products.In addition to diligence milestones, such as IND submission and initiation of dosing of Phase 1 trial, the deal also provides for commercial milestone payments of up to an aggregate of $7.75M upon the achievement of $10M, $100M, and $500M of cumulative net sales

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Heat Biologics signs a licensing agreement; Appoints new CFO