EnWave Corporation (CVE:ENW) (OTCMKTS:NWVCF) has signed a joint development agreement with a German maker of freeze-dry units to accelerate the potential commercialization of its Radiant Energy Vacuum technology.
The new JD agreement with GEA Lyophil GmbH -- which manufacturers and markets its freeze-dry units to the pharmaceutical and biotech industries -- extends an earlier deal struck between the two companies.
EnWave, based in Delta, British Columbia, now hopes to find an interest for its proprietary vacuum technology for the precise dehydration of organic materials in the pharmaceutical industry, according to a statement Wednesday.
The company had signed a collaboration and license option agreement with GEA Lyophil in July 2018 and the two parties have been working closely with EnWave’s existing pharmaceutical partner since that time to discuss and strategize the next steps of development towards prospective commercialization.
Under the agreement, EnWave will formally collaborate with GEA Lyophil to scale-up and refine GMP-pharma Radiant Energy Vacuum (REV) machinery, leveraging GEA Lyophil’s deep expertise and intellectual property in GMP-pharma equipment manufacturing. The agreement will allow for the integration of EnWave’s proprietary freezeREV pharmaceutical drying technology into GEA Lyophil’s industry-leading equipment design and manufacturing capabilities for the pharmaceutical industry.
If successful, GEA Lyophil will leverage its robust pharmaceutical industry network to manufacture, market and sell REV machinery for use on a global basis for pharmaceutical applications and will pay EnWave an undisclosed royalty on the sale of any future GMP-pharma REV machinery.
This collaboration between EnWave and GEA Lyophil, including the design and manufacture of next-generation scaled-up REV machinery that uses the proprietary intellectual property of both parties, aims to allow EnWave’s current pharmaceutical partner to conduct clinical trials for several vaccines.
If successful, GEA Lyophil will solicit the purchase of commercial-scale GMP-pharma REV equipment from this partner and from other pharmaceutical companies. EnWave would be entitled to a royalty in the form of a percentage of all equipment manufactured and sold as part of the commercialization of the technology under the agreement.
The joint-development agreement also allows EnWave to focus on its current core competencies in the global food and cannabis industries, reduces the resources necessary to pursue meaningful monetization of its REV technology in the pharmaceutical industry and leverages an industry technical and commercial leader in GEA Lyophil.
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