Expand Contract to Include Manufacturing For SARS Vaccine Candidate GAITHERSBURG, Md., Feb. 25 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC), announced an additional expansion to its multi-year subcontract with SAIC-Frederick, Inc. (SAIC-Frederick) in support of the Vaccine Research Center (VRC) at the National Institute of Allergy and Infectious Diseases (NIAID) of the National Institutes of Health (NIH). This expansion of the subcontract, issued and managed by SAIC-Frederick, represents potential new revenue of approximately $1.3 million, bringing the total potential funding for the subcontract to approximately $30 million. Under the expansion, GenVec will manufacture a SARS vaccine candidate, based on its proprietary adenovector technology, to support early-stage clinical development. Phase I clinical trials will be conducted by the VRC. "The expansion of this subcontract to include the manufacture of a SARS vaccine candidate further validates the flexibility of our technology and the speed with which we can generate clinical candidates," commented Dr. C. Richter King, GenVec's Vice President of Research. "It was less than a year ago that we first learned of the devastating affects of the SARS virus. We hope our efforts will help us prepare for possible future SARS outbreaks," Dr. King concluded. In April 2003, GenVec received an expansion to the original subcontract with SAIC-Frederick to construct clinical grade adenovector-based SARS vaccine candidates to support the VRC/NIAID/NIH. This amendment adds to that expansion based on the successful development of SARS vaccine candidates for pre-clinical testing. Severe acute respiratory syndrome (SARS) is a viral respiratory illness caused by the previously unrecognized SARS-associated coronavirus. The illness typically begins with a high fever and is sometimes associated with chills or other symptoms, including headache, general feeling of discomfort and body aches. SARS patients may develop a dry, nonproductive cough, which could result in hypoxia (insufficient oxygen in the blood). Patients typically develop pneumonia and require mechanical ventilation. In 2003, over 8,000 people worldwide became infected with the SARS virus, which resulted in 774 deaths. GenVec is a publicly held biopharmaceutical company focusing on the development of novel therapies that improve patient care in the areas of cancer, heart disease and vision loss. GenVec is also receives funding for vaccine programs for HIV, SARS, malaria and dengue virus. Additional information on 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 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 (such as marketing, regulatory, patent, product liability, supply, competition and other risks); 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. SOURCE GenVec, Inc. -0- 02/25/2004 /CONTACT: Virginia M. Dunn, Corporate Communications of GenVec, Inc., +1-301-944-1172, or email@example.com/ /Web site: http://www.genvec.com/ (GNVC) CO: GenVec, Inc.; SAIC-Frederick, Inc.; National Institute of Allergy and Infectious Diseases; NIAID; National Institutes of Health; NIH ST: Maryland IN: BIO HEA MTC SU: CON -0- Feb/25/2004 13:30 GMT
Nomura, MUFJ-MS, Goldman, JPMorgan to Lead Japan Post IPO
GenVec and the National Institutes Of Health (NIH)
Press spacebar to pause and continue. Press esc to stop.