Business Wire - October 19, 2007
GenVec will receive up to $1.9 million over the next year, which will support continued development of next-generation vaccines for HIV and influenza. Initiated in 2001 as a three-year $10.2 million program, the VRC subcontract now extends through fiscal year 2008, with a total value of approximately $55 million. It was issued and is managed by Science Applications International Corporation-Frederick, Inc. (SAIC-Frederick).
The vaccines developed with the VRC under this multi-year contract utilize GenVec's proprietary adenovector and 293-ORF6 production cell line technologies. The funds received to date have been used primarily to produce HIV candidates for the Phase I and Phase II clinical trials being sponsored by the VRC and its collaborators, and to produce a number of next generation concepts some of which are in pre-clinical evaluation. To date, the Ad5 HIV vaccine candidates produced by GenVec has been administered to approximately 1,400 volunteers in 14 clinical trials.
"We are pleased to have the VRC's continued support for our efforts to develop novel vaccine candidates," stated Douglas J. Swirsky, GenVec's Chief Financial Officer. "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, for the benefit of TNFerade and our other novel therapeutics in development."
About GenVec
GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec's lead product, TNFerade(TM) is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer. Additional clinical trials are in progress in rectal cancer, head and neck cancer and melanoma. GenVec also uses its proprietary adenovector technology to develop vaccines for infectious diseases including HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and influenza. 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 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; 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.
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Contacts:
GenVec, Inc.
Douglas J. Swirsky, CPA, CFA
Chief Financial Officer
240-632-5510
dswirsky@genvec.com
071019
BW071024
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