Vaccine developer Univax Biologics Inc. has done a "silentfiling" for an initial public offering of up to 3 million shares ofcommon stock.

The Rockville, Md., company is developing immunotherapeuticsusing hyperimmune intravenous immunoglobulins. IGIVs arederived from human plasma containing specific vaccine-induced antibodies.

Products in Phase I clinical development include a vaccinetargeted at a bacterium that colonizes the lungs of childrenwith cystic fibrosis, and vaccines targeted at group Bstreptococcus, Staphylococcus aureus and septic shock. Thetrials will determine safety and stimulate plasma in donors foruse in the preparation of IGIVs for further trials.

Univax in November 1990 signed a marketing agreement withAlpha Therapeutic Corp. of Los Angeles to manufacture anddistribute the septic shock IGIV. Alpha, a subsidiary of GreenCross of Japan, is providing development funding totalling $7million over five years. Univax has retained co-marketingrights in the United States and Europe.

Univax has also signed an agreement in principle withprivately held Farma Biagini SpA of Italy. Biagini will make a$3.5 million equity investment in Univax in exchange forexclusive marketing rights to certain Univax products inselected European countries. Univax is receiving exclusive rights to certain Biagini products.

Excluding the Biagini investment, Univax has raised a total of$10.4 million since it was founded in 1988, including privateplacements of $3.1 million in November and $2 million inSeptember. Funders include Charter Ventures; Kleiner, Perkins,Caufield & Byers; Domain Associates; and Jacobs EngineeringGroup Inc.

Montgomery Securities has been named as underwriter for theIPO.

-- Karen Bernstein BioWorld Staff

(c) 1997 American Health Consultants. All rights reserved.