GenVec Announces New Agreement with Global Pharmaceutical Company
GAITHERSBURG, Md., Aug. 6 /PRNewswire-FirstCall/ -- GenVec, Inc.
(NASDAQ: GNVC) today announced a new agreement
for the supply of services relating to development materials with
Novartis, related to the companies' collaboration in hearing loss
and balance disorders. Under this new agreement, GenVec could
receive approximately $13 million over four years to manufacture
clinical trial material for up to two lead candidates.
"This contract supports our ongoing collaborative efforts with
Novartis to uncover solutions to the unfortunate and widespread
problems of hearing loss and balance disorders," said Dr. Paul
Fischer, GenVec's President and Chief Executive Officer. "This new
agreement with Novartis will enable the manufacture of a potential
product candidate to address this important unmet medical need."
Preclinical results suggest that delivery of the atonal gene using
GenVec's innovative adenovector technology may have the potential
to restore hearing and balance function.
On January 13, 2010, GenVec entered into a worldwide licensing
and collaboration agreement with Novartis, to discover and develop
novel treatments for hearing loss and balance disorders. Under the
companies' Research, Collaboration and License Agreement, Novartis
is responsible for manufacturing. All research conducted under the
collaboration will be funded by Novartis.
About GenVec
GenVec, Inc. is a biopharmaceutical company developing novel
therapeutic drugs and vaccines. GenVec uses proprietary drug
discovery and development technologies to support a portfolio of
product programs that address the prevention and treatment of a
number of major diseases. In collaboration with Novartis, GenVec is
developing novel treatments for hearing loss and balance disorders.
GenVec also develops and is evaluating the potential of TNFerade
for the treatment of certain cancers and is developing vaccines for
infectious diseases including influenza, HIV, malaria,
foot-and-mouth disease, respiratory syncytial virus (RSV), and
HSV-2. Additional information about GenVec is available at
www.genvec.com and in the Company's various filings with the
Securities and Exchange Commission.
Statements herein relating to future financial or business
performance, conditions or strategies and other financial and
business matters, including expectations regarding funding,
manufacturing the development of products and the success of the
collaboration with Novartis, are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act. GenVec
cautions that these forward-looking statements are subject to
numerous assumptions, risks and uncertainties, which change over
time. Factors that may cause actual results to differ materially
from the results discussed in the forward-looking statements or
historical experience include risks and uncertainties, including
the failure by GenVec to secure and maintain relationships with
collaborators; risks relating to the early stage of GenVec's
product candidates under development; uncertainties relating to
clinical trials; risks relating to the commercialization, if any,
of GenVec's proposed product candidates; uncertainties related to
the outcome and process of GenVec's previously announced strategic
review, dependence on the efforts of third parties; dependence on
intellectual property; and risks that we may lack the financial
resources and access to capital to fund our operations. Further
information on the factors and risks that could affect GenVec's
business, financial conditions and results of operations, are
contained in GenVec's filings with the U.S. Securities and Exchange
Commission (SEC), which are available at www.sec.gov. These
forward-looking statements speak only as of the date of this press
release, and GenVec assumes no duty to update forward-looking
statements.
Investor Contact: Media Contact: GenVec, Inc. Tiberend Strategic Advisors, Inc. Douglas J. Swirsky Andrew Mielach (240) 632-5510 (212) 827-0020 dswirsky@genvec.com amielach@tiberendstrategicadvisors.com
Source: GenVec, Inc.
CONTACT: Investor Contact: Douglas J. Swirsky, GenVec,
Inc.,
+1-240-632-5510, dswirsky@genvec.com, or Media
Contact: Andrew Mielach,
Tiberend Strategic Advisors, Inc., +1-212-827-0020,
amielach@tiberendstrategicadvisors.com
Web Site: http://www.genvec.com/
Posted: August 2010
