12:31 PM EDT, 08/28/2024 (MT Newswires) -- UTime ( WTO ) said Wednesday it has entered into a non-disclosure agreement with Bowen Therapeutics for the purchase of its laboratory at UMASS Medical School.

Bowen Therapeutics has made progress in monkeypox vaccine research, including the development of a hexavalent recombinant protein vaccine using recombinant technology, the company said. Financial details were not disclosed.

UTime ( WTO ) said it will take charge of the ongoing clinical trials and future vaccine development at Bowen's laboratory and will also use its resources to help the monkeypox vaccine complete the US Food and Drug Administration registration process.

The company said it expects to complete all necessary legal and commercial formalities within a few months. It also said that there is no assurance that the transaction will be completed within the anticipated timeframe, or at all.

The shares were down about 93% in recent trading.

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