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8-K - GENVEC INC | v171639_8k.htm |
EX-10.1 - GENVEC INC | v171639_ex10-1.htm |
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65
West Watkins Mill Road
Gaithersburg,
MD 20878
tel:
240-632-0740
fax:
240-632-0735
www.genvec.com
|
FOR
IMMEDIATE RELEASE:
Investor
Contact:
|
Media
Contact:
|
GenVec,
Inc.
|
Tiberend
Strategic Advisors, Inc.
|
Danielle
M. DiPirro
|
Andrew
Mielach
|
(301)
944-1877
|
(212)
827-0020
|
ddipirro@,genvec.com
|
amielach@tiberendstrategicadvisors.com
|
GENVEC
ENTERS COLLABORATION ON HEARING LOSS TREATMENTS
WITH
LEADING GLOBAL PHARMACEUTICAL COMPANY
GAITHERSBURG, MD — January 19,
2010 — GenVec, Inc. (NASDAQ: GNVC) today announced that the company has entered
into a research collaboration and license agreement.
GenVec
and Novartis will collaborate to discover and develop novel treatments for
hearing loss and balance disorders. 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.
Under
terms of the agreement, GenVec is licensing the world-wide rights to its
preclinical hearing loss and balance disorders program to Novartis. GenVec will
receive a $5 million upfront payment and Novartis has purchased $2 million in
GenVec common stock. In addition, GenVec will receive funding from Novartis for
a research program focused on developing additional adenovectors for hearing
loss. 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.
"Hearing
loss is a significant and growing problem for millions of people. Our technology
has great promise and this collaboration provides an excellent mechanism to move
the development of new treatments forward. We believe Novartis is an ideal
collaborator for GenVec. They have the experience, expertise, and resources to
develop and commercialize innovative products on a worldwide basis," said
Dr. Paul Fischer, GenVec's President and Chief Executive
Officer.
About
GenVec
GenVec,
Inc. is a biopharmaceutical company developing novel therapeutic drugs and
vaccines. GenVec's lead product, TNFeradeTM, is
currently in a pivotal clinical study (PACT) in locally advanced pancreatic
cancer. TNFerade has also been and is currently being evaluated for its
potential use in the treatment of several other cancers, including esophageal
cancer, rectal cancer, and head and neck cancer. GenVec also uses its
proprietary adenovector technology to develop 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 future milestone payments, royalties,
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; 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.
###