Final preclinical SIIL milestone achieved

Genticel has received a milestone payment of $1.2m from the Serum Institute of India (SIIL). This is the last milestone Genticel will receive associated with the preclinical development of GTL003 in new multivalent vaccines that contain pertussis (whooping cough). SIIL can now finish formal preclinical development before moving to clinical development, which could unlock further milestone payments. Under the collaboration with SIIL, Genticel is entitled to up to $57m development and sales milestone payments and single-digit royalties on net sales. Cash and equivalents at end Q316 were €12.3m. Our valuation is under review following the termination of the GTL001 and GTL002 programmes.