GenVec Announces Dismissal Of Class Action Lawsuit
GAITHERSBURG, Md., Sept. 23, 2013
GAITHERSBURG, Md., Sept. 23, 2013 /PRNewswire/ --GenVec, Inc. (NASDAQ: GNVC)
today announced that the previously disclosed putative class action lawsuit
filed against the Company and certain of its current and former officers (the
"Defendants") by the law firm of Brower Piven in the United States District
Court for the District of Maryland has been dismissed with prejudice. No
payment was made by any of the Defendants to the plaintiffs or their counsel
in connection with the lawsuit. The Company does not know whether the
plaintiffs will file a Notice of Appeal.
"There are no winners when an experimental therapeutic fails in clinical
trials, especially for a challenging and underserved indication such as
pancreatic cancer. We are extremely pleased, however, that the Court
recognized that the plaintiffs' claims were without merit and granted in full
and with prejudice our motion to dismiss," commented Douglas J. Swirsky,
President and Chief Executive Officer of GenVec.
"The favorable resolution of this case is timely as we work to transition
GenVec from a capital-intensive, product development company to one focused on
the cost efficient creation of value through the licensing of our proprietary
vector and cell line technologies," added Mr. Swirsky.
GenVec and the individual defendants are represented by Hogan Lovells US LLP.
GenVec is a biopharmaceutical company working with leading companies and
organizations such as Novartis, Merial, and the U.S. Government to leverage
its proprietary gene-delivery technologies to address the prevention and
treatment of a number of significant human and animal health concerns.
Additional information about GenVec is available at www.genvec.comand 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
with respect to the transition of the Company's business focus, 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, such as the failure of Novartis to advance
GenVec's hearing loss program, including into human clinical trials. 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
Company Contact: Investor Relations Contact:
GenVec, Inc. S.A. Noonan Communications
Rena Cohen Susan A. Noonan
(240) 632-5501 (212) 966-3650
SOURCE GenVec, Inc.
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