GenVec (GNVC) Says Novartis (NVS) Remains Committed to CGF166 Amid Internal Changes

September 1, 2016 7:43 AM EDT

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GenVec (Nasdaq: GNVC) disclosed the following in a U.S. SEC filing on Thursday:

Item 7.01. Regulation FD Disclosure.

On August 31, 2016, press reports disclosed that Novartis (NYSE: NVS) is planning to eliminate its internal unit dedicated to cell and gene therapy and redeploy most of the affected employees. Novartis is developing CGF166, GenVec's lead product candidate for hearing loss, under a Research Collaboration and License Agreement between the two parties. Novartis has informed GenVec that it remains engaged on the CGF166 program and that Novartis's internal changes are not expected or intended to reduce its support for the program.

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