EuBiologics said Monday that it has signed a letter of intent (LOI) with  Glovax Biotech of the Philippines to transfer technology on developing Covid-19 vaccine, EuCorVac-19.

If the two companies make a formal agreement, EuBiologics will transfer technology related to antigen production, manufacturing technology, and know-how on good manufacturing practice (GMP) to its Philippine partner, the Korean company said.

Glovax Biotech will build plants, and the two partners will co-develop various vaccines, including the Covid-19 shots, in the future.

EuBiologics has proposed the technology transfer to Glovax Biotech as the Southeast Asian country has recently experienced difficulties containing the novel coronavirus, recording more than 10,000 new virus cases a day amid the delayed imports of Covid-19 vaccines, the company said.

The plant construction is likely to be completed by the end of 2022 and start operation in the following year. Glovax Biotech plans to import the finished products of the EuCorVac-19 vaccine made in Korea until its plant begins operation.

EuCorVac-19 is a genetic recombinant with a vaccine adjuvant, which shows excellent safety and immunogenicity, inexpensive, and convenient distribution, EuBiologics said.

“EuCorVac-19 can be transported in normal refrigerated storage, unlike other Covid-19 vaccines that require cryogenic temperature,” a EuBiologics official said. “The exact price has not been determined yet, but we believe it would be roughly $10 per shot.”

The two companies will conduct phase 2 clinical trials in Korea and the Philippines to speed up the regulatory approval. GloVax plans to apply for emergency use approval (EUA) based on the results of the phase 2 study in the Philippines.

EuBiologics is conducting a phase 1 clinical trial at the Catholic University of Korea Eunpyeong St. Mary’s Hospital and finished giving EuCorVac-19 to 50 participants. The company will present the study results by the end of May after evaluating its safety and immunogenicity.