GenVec Achieves Third Milestone In Hearing And Balance Collaboration
GAITHERSBURG, Md., Feb. 13, 2014
GAITHERSBURG, Md., Feb. 13, 2014 /PRNewswire/ --GenVec, Inc. (NASDAQ: GNVC)
today announced that the company has achieved the third milestone in its
collaboration with Novartis for the development of treatments for hearing and
balance disorders. In January 2014, Novartis filed an Investigational New
Drug (IND) application with the Food and Drug Administration (FDA) for the
clinical development of CGF166, the lead product candidate under the
collaboration. The IND was deemed effective on February 7, 2014 and this
triggered a $2 million milestone payment to GenVec under the terms of the
"Hearing loss and balance disorders negatively impact the lives of millions of
people worldwide, and CGF166 represents a novel approach to bringing relief to
this population," said Douglas E. Brough, Ph.D., GenVec's Chief Scientific
Officer. "We look forward to studying this product candidate in the clinic
and finding out more about its potential."
"We are very excited that our novel regenerative approach to addressing the
leading cause of hearing loss will soon be in clinical testing," said Douglas
J. Swirsky, GenVec's President and CEO. "The next milestone payment available
to GenVec under our Novartis collaboration will be triggered by the first
patient visit in the planned Phase 1 clinical trial of CGF166."
About the Collaboration
In January 2010, GenVec entered into a worldwide licensing and collaboration
agreement with Novartis to discover and develop novel treatments for hearing
loss and balance disorders. Under the terms of the agreement, if certain
clinical, regulatory, and sales milestones are met, GenVec is eligible to
receive up to $213.6 million, including upfront and milestone payments, in
addition to royalties on future sales.
GenVec is a biopharmaceutical company working with leading companies and
organizations such as Novartis and the U.S. Government to leverage GenVec's
proprietary gene-delivery technologies to address the prevention and treatment
of significant health concerns. GenVec's lead program, in the field of
regenerative medicine, is licensed to Novartis for the development of novel
treatments for hearing loss and balance disorders. Additional information
about 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
with respect to the continued development of CGF166 and receipt of milestone
payments, if any, 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
adverse clinical results, adverse regulatory actions or the decision of
Novartis for any reason not to advance GenVec's hearing loss and balance
disorders program. 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.
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