Orphan Australia buys local rights to Viragen's Multiferon

Viragen has signed a licensing agreement that grants exclusive rights to market, sell and distribute Multiferon (multi-subtype, human alpha interferon) in Australia and New Zealand to Orphan Australia. The latter firm will initially focus its marketing efforts for Multiferon as a treatment of high-risk malignant melanoma, noting that Australia and New Zealand report the highest melanoma incidence rates in the world.

The agreement provides Viragen with an undisclosed up-front license fee, and additional milestones to be paid upon receipt of reimbursement authorization in Australia and possibly other countries to be added later. Viragen estimates the agreement to be worth about $10.0 - $15.0 million per year, pending regulatory approval and reimbursement authorization, and based on revenue forecasts for peak year sales.