Novel Composition definition
Examples of Novel Composition in a sentence
For the duration of the Term, VBI shall have an option to negotiate with Brii Bio an exclusive license under (a) the Brii Bio Technology that covers or claims the Brii Bio Adjuvant or the Novel Composition and (b) Brii Bio’s interest in the Joint Technology for use outside the Field in the VBI Territory.
Brii Bio will be responsible for any additional costs specifically related to the Brii Bio Adjuvant and required formulation for the Novel Composition.
In the event that the Parties both elect to proceed with further development of VBI-2601 or the Novel Composition, then the Parties shall decide, through the JSC, whether to enter into a Global Development Plan to govern the conduct of Global Clinical Trials with the objective of obtaining clinical trial data to support applications for Marketing Approval in the Field for the applicable product in both the Licensed Territory and countries within the VBI Territory.
Following the completion of the Collaboration Clinical Study and within ninety (90) days following the provision of a clinical study report to the JSC pursuant to Section 5.2(c), each Party shall determine, in its sole discretion, whether it intends to pursue subsequent development activities in its territory for VBI-2601 or the Novel Composition evaluated in such Collaboration Clinical Study.
This collaboration will initially focus on the execution of a Development Plan by the Parties with the objective of developing a Novel Composition and comparing such Novel Composition to VBI-2601 in the Collaboration Clinical Trial.