The adjuvant business has been and continues to be a very important component of the RIBI part of CRXA. The strategy has always been to license out the adjuvants to others for their various vaccines. Today's announcement doesn't appear to be anything new or different from that strategy.
The only way to make a modest income stream with adjuvants is to do lots of non exclusive licenses with everyone with a vaccine.Adjuvants are only a little more than an excipient. This is not a business unto itself as Ribi is witness to.
These recent press release are a weak attempt to divert attention from Bexxar, but it will not work with the sophisticated investor.
Vaccine adjuvants are nontrivial scientifically and medically. Without an adjuvant, usually one does not have a vaccine either. As far as I know, there is still only 1 adjuvant (alum) approved in the US for human use and it was approved decades ago. In a lot of side by side comparisons, the ribi adjuvants usually come out far superior.
That being said, there isn't a lot of money in adjuvants per se. The money comes from the combination with an antigen(s) to produce a better vaccine. A better vaccine translates into fewer injections to acheive immunity and better per centage coverage of those immunized.
It is better than nothing but while adjuvants might have supported a small company like ribi, it probably won't support a large company like corixa. Only in my opinions, be well.