KUALA LUMPUR: Ho Wah Genting Bhd (HWGB) through its wholly-owned subsidiary HWGB Biotech Sdn Bhd (HWGB Biotech) has signed a memorandum of agreement (MoA) with US-based E-MO Biology Inc (EBI) to undertake research on Covid-19 patent applications.
In a statement today, HWGB said EBI had on June 15 submitted the Initial Investigational New Drug (IND) application to the US Food and Drug Administration (FDA) to conduct phase IV clinical trials for a new indication which proposed the use of existing poliomyelitis virus vaccines (polio vaccines) for prevention of Covid-19 which is currently pending approval.
HWGB CEO Lim Ooi Hong said the proposed collaboration is expected to contribute positively to the earnings of HWGB upon commercialisation of the vaccines.
“The proposed collaboration will see HWGB investing RM4.18 million into EBI, entitling the company to 40% of the total profits from the commercialised vaccine.
“HWGB will also have exclusive rights for the production, distribution and sale of the repurposed vaccine based on the polio vaccine for use in preventing Covid-19 infections in Southeast Asian countries,” he said.
In addition, HWGB will have the right to retain all profits from the vaccines, as well as a royalty-free license together with the granting of sub-licenses for the use of the trademark and other intellectual property rights in relation to the vaccines in Southeast Asian countries.
EBI sole director and shareholder Prof Qiyi Xie said by having HWGB Biotech on board, the company would be able to penetrate Southeast Asian countries as soon as the vaccines are made available to the market.