NanoViricides signs license agreement with Karveer Meditech

NanoViricides has executed a License Agreement with Karveer Meditech. Under this Agreement, Karveer has the right to commercialize the Company’s COVID drugs NV-CoV-2 and NV-CoV-2-R in India. To enable commercialization, Karveer has undertaken Clinical Development and Evaluation and is sponsoring these two drugs in India for this purpose. Karveer has represented to NanoViricides that it has successfully obtained required regulatory permissions to conduct clinical evaluation of NV-CoV-2 as a COVID treatment in India. Under the License Agreement, NanoViricides has granted Karveer a limited, non-transferable, exclusive license for commercialization of NV-CoV-2 and NV-CoV-2-R in India. Karveer will conduct clinical evaluation of the drugs as necessary in adherence with regulations in India, including ICH guidelines, as a part of its development and commercialization efforts in India. NanoViricides will have full rights to the data generated in the clinical trials, and may use this data internationally as needed. For this purpose, NanoViricides will reimburse Karveer for all direct and indirect costs and a development fee of 30% of such costs, and any applicable taxes. Upon commercialization, NanoViricides will receive a royalty of 70% of final invoiced sales. Previously, on September 15, 2021, NanoViricides signed a Master Services Agreement with Karveer in which Karveer declared its intent to license NV-COV-2 and NV-CoV-2-R for commercialization in India, and undertook the responsibility to obtain necessary licenses and regulatory approvals as would be needed for the clinical evaluation and commercialization of the drugs in India. No binding licensing activity took place under that earlier agreement.