Acuvax Ltd (ACU) announces that its affiliate Hawaii Biotech Inc has continued to build its sales of high quality proteins derived from the proprietary, recombinant-DNA manufacturing platform. These revenues are expected to exceed $1M in calendar year 2009, from a limited range of current diagnostics partnerships. Hawaii Biotech believes that there are opportunities to significantly expand such commercial revenue partnerships in the future.
According to Dr William Ardrey, Acuvax CEO “These revenues are derived from the production and sale of very high quality proteins to major diagnostics players, including earning royalty payments.”
Dr Elliot Parks, President & CEO of Hawaii Biotech Inc added “Current revenues from diagnostic antigen sales, and from cash grants, are both running significantly ahead of prior projections.”
Current sales of proteins are to customers using them primarily in diagnostic kits for infectious diseases such as Dengue. Also, antigen revenues are derived from sales to researchers at major universities. There are significant opportunities for further antigen sales in new areas of influenza, and other infectious diseases. Hawaii Biotech Inc has current programs in Dengue, West Nile Virus, Tick Borne Encephalitis, Influenza, and may also have applications to such emerging challenges as Hendra virus.
Dr Ardrey added “We are pleased to see Hawaii Biotech Inc with two vaccines in human clinical trials now, namely prophylactic vaccines based on proprietary technology for West Nile Virus and Dengue. Clinical progress coupled with revenues ahead of schedule create a very promising immunology asset in Hawaii.”
Dr Elliot Parks of Hawaii Biotech commented further “The higher than expected revenues are due to a number of factors, including growing prevalence of Dengue in developed countries, increased sales of diagnostic kits by partners, and also by more broad-reaching distribution channels of partners.” Revenues are expected to grow in 2010 based on current programs, and on new commercial revenue opportunities for new products.
