Biotechnology firm boosted by LOI

A BIOTECHNOLOGY business in the Midlands has received a major boost after agreeing a deal to develop its new anti-viral treatment Ionic Contraviral Therapy (ICVT).

AIM listed Henderson Morley (HML) has signed a letter of intent with a specialist therapeutic drug development firm for the intellectual property rights of the ICVT portfolio, specifically the Recurrent Respiratory Papilloma indication.

The proposed sale of the IPR is still subject to further negotiation but it is anticipated that a decision acceptable to both parties will be completed within the next 45 days.
 
The unnamed drug development company is headed by ex-Merck Generics senior executives including former chief executive Hank Klakurka, former global R&D director Steve Self and former chief legal counsel Martin Marino.

The company takes high potential drug treatments through clinical trials, regulatory and into production and sales. It currently has four development projects in its pipeline, one of which is a respiratory project and the other three are anti-infectives.  
 
RRP is a rare and life threatening condition, that is characterised by the growth of warts within the respiratory tract of sufferers. This may cause blockage of the airway, which currently necessitates surgery.

Andrew Knight, chairman of Birmingham-based Henderson Morley, said: “We are delighted at the interest the sale of ICVT has generated and we are continuing negotiations with a number of parties and hope to conclude a deal as soon as possible.
 
“The funds raised by the sale of ICVT will be used to bring the company’s stated strategy of becoming a ‘Pure Play’ vaccine company to fruition.”