Biotechnology company INOVIO (NASDAQ:INO) announced on Thursday that its Chinese partner, ApolloBio, has reported positive topline results from its pivotal Phase 3 trial of VGX-3100, INOVIO's investigational DNA immunotherapy being developed as a potential treatment for cervical dysplasia.

The trial met its predefined primary efficacy endpoint and showed an overall favourable safety and tolerability profile.

ApolloBio plans to use study results to support a future regulatory submission of VGX-3100 in China.

Under the agreement with ApolloBio, INOVIO is entitled to receive up to an aggregate of USD20m, less required income, withholding or other taxes, upon the achievement of specified milestones related to the regulatory approval of VGX-3100 in specified territories. The company will receive royalty payments based on a tiered percentage of annual net sales if the product is approved for marketing.