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8-K - GENVEC INC | v206710_8k.htm |
Exhibit
99.1
65
West Watkins Mill Road
Gaithersburg,
MD 20878
tel: 240-632-0740
fax: 240-632-0735
www.genvec.com
|
FOR
IMMEDIATE RELEASE:
Investor
Contact:
GenVec,
Inc.
Douglas
J. Swirsky
(240)
632-5510
dswirsky@genvec.com
GENVEC
FORMS COLLABORATION WITH WORLD-LEADING
ANIMAL
HEALTH COMPANY
Merial
to develop and commericalize FMD vaccines
GAITHERSBURG, MD – December
29, 2010 – GenVec, Inc. (NASDAQ: GNVC) today announced that the company will be
working with Merial to develop and commercialize GenVec’s proprietary vaccine
technology for use against foot-and-mouth disease (FMD). Merial is the leading
FMD vaccine producer in the world, with leading positions in all key markets.
Under the agreement, Merial will be responsible for all costs related to the
development and commercialization of FMD vaccines developed through the
collaboration. GenVec will receive development milestones and
royalties on sales.
GenVec’s
novel FMD vaccine approach utilizes GenVec’s proprietary adenovector technology
and is manufactured on a proprietary GenVec cell line that is capable of
producing antigens without the use of the highly contagious FMD virus. Because
the vaccine is produced without using live or killed virus materials, it can be
produced cost effectively in the US and around the world.
“We look
forward to working with GenVec to explore this promising technology for FMD
vaccines” said Teshome Mebatsion, Senior Director Vector Vaccine Research,
Merial. Robert Nordgren, Global Head of Merial’s Bio R&D added
that “Merial sees great potential for GenVec’s technology to positively impact
the way that animal vaccines are produced and developed.”
“Our
relationship with Merial complements our strategy of entering into
collaborations to support the development of our pipeline of products,” 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 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.
About
Merial
Merial is
a world-leading, innovation-driven animal health company, providing a
comprehensive range of products to enhance the health, well-being and
performance of a wide range of animals. Merial employs approximately 5,600
people and operates in more than 150 countries worldwide. Its 2009 sales were $2.6
billion. Merial is the Animal Health subsidiary of sanofi-aventis.
For more
information, please see www.merial.com.
Statements
herein relating to future financial or business performance, conditions or
strategies and other financial and business matters, including expectations
regarding future revenues and operating expenses, 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.
###