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.
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
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
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.
/CONTACT: Virginia M. Dunn, Corporate Communications of GenVec, Inc.,
+1-301-944-1172, or firstname.lastname@example.org/
/Web site: http://www.genvec.com/
CO: GenVec, Inc.; SAIC-Frederick, Inc.; National Institute of Allergy and
Infectious Diseases; NIAID; National Institutes of Health; NIH
IN: BIO HEA MTC
-0- Feb/25/2004 13:30 GMT
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