GenVec (GNVC) Extends Contract with National Institutes of Health
GenVec Inc. (Nasdaq: GNVC) announced today that the Vaccine Research Center (VRC) of the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), has executed its sixth option period (year seven) under its multi-year collaboration with GenVec to develop and manufacture novel adenovector-based HIV vaccines.
While GenVec works with the organization, it will receive up to $1.9 million in order to support continued development of next-generation vaccines for HIV and influenza. The deal was first initiated in 2001 as a three-year $10.2 million program, and has now been extended through 2008, with total value of approximately $55 million.
Douglas J. Swirsky, GenVec's CFO said, "We are pleased to have the VRC's continued support for our efforts to develop novel vaccine candidates. This productive long-term collaboration has enabled us to advance our manufacturing processes, upgrade quality control and assurance operations, and establish a BLA Master File at the FDA. The valuable knowledge and experience we gain in developing vaccines is being leveraged across our technology platform..."
GenVec is a biopharmaceutical company developing gene-based therapeutic drugs and vaccines treat cancer, vision and hearing loss and balance disorders, and vaccines to prevent infectious diseases. GenVec's lead product candidate, TNFerade biologic (TNFerade), is being developed for use in the treatment of cancer.
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