Vical (VICL) Receives $1.5M Milestone Payment from Merck (MRK)
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Vical Incorporated (Nasdaq: VICL) announced today the receipt of a $1.5 million milestone payment from Merck & Co., Inc. (NYSE: MRK) based on Merck's ongoing Phase I clinical-stage development of an investigational plasmid DNA cancer vaccine. The candidate vaccine is based on Vical's DNA gene delivery technology and encodes human telomerase reverse transcriptase, which was licensed by Merck from a third party.
"In addition to our independent development of cancer immunotherapies and infectious disease vaccines, we have leveraged our technologies through license agreements for the development of cancer vaccines and gene-based angiogenesis for cardiovascular diseases," said Vijay B. Samant, Vical's President and Chief Executive Officer. "Merck has been our development partner for multiple applications, and we are pleased that Merck is progressing in its clinical-stage evaluation of a cancer vaccine based on our technology."
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