GenVec Achieves Second Milestone in Collaboration
GAITHERSBURG, Md., Dec. 6, 2011 /PRNewswire via COMTEX/ -- GenVec, Inc. (GNVC)
today announced that it has achieved the second milestone in its collaboration
with Novartis (NVS), related to the development of treatments for hearing loss
and balance disorders. The milestone was triggered by the successful completion
of certain preclinical development activities.
"Completing this milestone reflects sustained progress and we look forward to
reaching additional milestones with Novartis in this very exciting program," said
Dr. Paul Fischer, GenVec's President and Chief Executive Officer.
About the Collaboration
In January 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 terms of the agreement, if certain clinical,
regulatory, and sales milestones are met, GenVec is eligible to receive up to
$213.6 million, including upfront and milestone payments in addition to royalties
on future sales.
In August 2010, we entered into an additional agreement with Novartis, to
manufacture clinical trial material for up to two lead product candidates for
this program.
About GenVec
GenVec is a biopharmaceutical company using differentiated, proprietary
technologies to create superior therapeutics and vaccines. A key component of our
strategy is to develop and commercialize our product candidates through
collaborations. GenVec is working with leading companies and organizations such
as Novartis, Merial, and the U.S. Government to support a portfolio of product
programs that address the prevention and treatment of a number of significant
human and animal health concerns. GenVec's development programs address
therapeutic areas such as hearing loss and balance disorders; as well as vaccines
against infectious diseases including respiratory syncytial virus (RSV), herpes
simplex virus type 2 (HSV-2), dengue fever, influenza, malaria, and human
immunodeficiency virus (HIV). In the area of animal health we are developing
vaccines against foot-and-mouth disease (FMD). Additional information about
GenVec is available at genvec.com and in the Company's various filings
with the Securities and Exchange Commission. |
