Glaxo readies vaccine containing Corixa ingredient for market

Seattle-based Corixa Corp. said an infectious disease treatment containing one of its products took a major step toward commercialization, as GlaxoSmithKline Biologicals applied for European marketing authorization of its Fendrix vaccine.

Fendrix, designed to prevent infection from hepatitis B in high-risk groups, contains Corixa's immune-response enhancing MPL adjuvant. It's the first product containing Corixa's immune-response enhancer to file for regulatory approval.

Several of Corixa's partners are evaluating the MPL adjuvant in vaccines for development in allergy, cancer and infectious disease targets, the company said. Terms of the exclusive agreement with GlaxoSmithKline call for it to pay Corixa transfer payments for supplies of MPL and royalties on sales of vaccines developed under the program.

Corixa said several vaccines using the MPL technology are in late-stage clinical trials, which will begin to show up in future product sales and royalty income.

Separately Monday, the company said first-quarter revenue fell to $9.1 million compared to $15.6 million for the first quarter of 2002. The decrease was primarily due to the anticipated expiration of the funded-research phases of collaborative agreements with several partners, including GlaxoSmithKline.

Net loss in the first quarter was $19 million, or 38 cents per share, compared to $176.9 million, or $4.25 per share in last year's first quarter, which included a goodwill impairment charge of $161.1 million.

Excluding one-time items, the net loss was $18.4 million, or 37 cents per share, compared with $14.3 million, or 34 cents per share, a year ago.