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Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events

Note 9 – Subsequent Events

 

In July 2012, the Company entered into a clinical development agreement with PATH Vaccine Solutions (“PATH”) to develop its vaccine candidate to protect against RSV through maternal immunization in low resource countries. The Company was awarded approximately $2.0 million by PATH for initial funding under the agreement to partially support its Phase II dose-ranging clinical trial in women of childbearing age, which is expected to be launched in the second half of 2012. Thereafter, the Company and PATH can elect to continue to collaborate on additional phases to develop the vaccine for maternal immunization in low-resource countries, with PATH potentially funding 50% of the Company’s external clinical development costs. The Company will retain global rights to commercialize the product and has made a commitment to make the product affordable and available in low-resource countries.