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GenVec Dives After Ending Cancer Drug Trial

From Associated Press (March 30, 2010)

NEW YORK -- Shares of GenVec Inc. plunged Tuesday after the biopharmaceutical company said it stopped a study of its cancer drug candidate TNFerade, saying the drug did not work as a treatment for pancreatic cancer.

The company said it determined the trial was unlikely to prove that a combination of TNFerade and standard treatment worked better than standard treatment at extending survival for patients with advanced pancreatic cancer. As a result it decided to discontinue the late stage study.

In afternoon trading, GenVec stock dropped $2.01, or 72 percent, to 80 cents. Shortly after 2 p.m. Eastern time, about 67 million shares of GenVec had changed hands.

The Gaithersburg, Md., company announced the results of an interim analysis of patients from the study late Monday. GenVec said it will continue analyzing data from the study to determine any future use for TNFerade. For now, GenVec plans to focus on its vaccine programs, and a collaboration with Novartis AG to develop treatments for hearing loss.

Posted: March 2010