EnWave Signs Technology License and Joint Development Agreement with GEA Lyophil GmbH to Advance REV Technology for Pharmaceutical Applications

VANCOUVER, British Columbia, Jan. 22, 2020 (GLOBE NEWSWIRE) -- EnWave Corporation (TSX-V:ENW | FSE:E4U) (“EnWave,” or the "Company”) today announced signing a technology license and joint development agreement (the “JDA”) with GEA Lyophil GmbH (“GEA Lyophil”), a global manufacturer and marketer of freeze-dry units for the pharmaceutical and biotech industries, to accelerate the potential commercialization of EnWave’s Radiant Energy Vacuum (“REV”) technology in the pharmaceutical industry.  The Company signed a collaboration and license option agreement with GEA Lyophil in July 2018 and the two parties have been working closely with EnWave’s existing pharmaceutical partner since that time to discuss and strategize the next steps of development towards prospective commercialization.

Under the JDA, EnWave will formally collaborate with GEA Lyophil to scale-up and refine GMP-pharma REV machinery, leveraging GEA Lyophil’s deep expertise and intellectual property in GMP-pharma equipment manufacturing. The JDA will allow for the integration of EnWave’s proprietary freezeREV pharmaceutical drying technology into GEA Lyophil’s industry-leading equipment design and manufacturing capabilities for the pharmaceutical industry. If successful, GEA Lyophil will leverage its robust pharmaceutical industry network to manufacture, market and sell REV machinery for use on a global basis for pharmaceutical applications. Under the terms of the JDA, GEA Lyophil will pay EnWave an undisclosed royalty on the sale of any future GMP-pharma REV machinery.

This collaboration between EnWave and GEA Lyophil, including the design and manufacture of next generation scaled-up REV machinery that uses the proprietary intellectual property of both parties, aims to allow EnWave’s current pharmaceutical partner to conduct clinical trials for several vaccines. If successful, GEA Lyophil will solicit the purchase of commercial-scale GMP-pharma REV equipment from this partner and from other pharmaceutical companies. EnWave would be entitled to a royalty in the form of a percentage of all equipment manufactured and sold as part of commercialization of the technology under the JDA.