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8-K - GENVEC INC | v198390_8k.htm |
EXHIBIT 99.1
65
West Watkins Mill Road
Gaithersburg,
MD 20878
tel: 240-632-0740
fax: 240-632-0735
www.genvec.com
|
FOR
IMMEDIATE RELEASE:
Contact:
GenVec,
Inc.
Douglas
J. Swirsky
(240)
632-5510
dswirsky@genvec.com
GENVEC
RECEIVES SECOND-YEAR FUNDING FROM SAIC FOR
HIV
AND INFLUENZA VACCINE DEVELOPMENT
GAITHERSBURG, MD – October 6,
2010 – GenVec, Inc. (Nasdaq: GNVC) announced today that SAIC-Frederick, Inc. has
executed its first option period (year two) under a previously announced four
year-contract with GenVec for the development of influenza and HIV vaccines in
support of the Vaccine Research Center (VRC) of the National Institute of
Allergy and Infectious Diseases (NIAID), part of the National Institutes of
Health (NIH). GenVec will receive up to approximately $3.5 million
for the second year of activities under the SAIC contract. This funding
increases the total value of the contract, originally valued at $22 million, to
up to approximately $24 million. These funds will continue to support the
development of new HIV and influenza vaccine candidates based on GenVec’s
proprietary adenovirus vector and production cell line technologies. Under the
contract, the vaccines would be comprised of genetic material supplied by the
VRC and adenoviral vectors supplied by GenVec.
“An
important focus of this collaboration is on the development of vaccines based on
novel vectors that have the potential to elicit the appropriate immune
response,” stated Dr. Paul Fischer, GenVec’s President and CEO.
GenVec
and the NIAID Vaccine Research Center have partnered on HIV and influenza
vaccine development for several years under Collaborative Research and
Development Agreements utilizing GenVec’s technologies. Under a
separate contract, GenVec has produced adenovector-based HIV vaccines that have
been tested in approximately 1,400 subjects in sixteen NIAID-sponsored Phase I
and Phase II clinical trials.
About
GenVec
GenVec,
Inc. is a biopharmaceutical company developing novel therapeutic drugs and
vaccines. GenVec uses proprietary drug discovery and development technologies to
support a portfolio of product programs that address the prevention and
treatment of a number of major diseases. In collaboration with
Novartis, GenVec is developing novel treatments for hearing loss and balance
disorders. GenVec also develops and is evaluating the potential of TNFerade for
the treatment of certain cancers and is developing vaccines for infectious
diseases including influenza, HIV, malaria, foot-and-mouth disease, respiratory
syncytial virus (RSV), and HSV-2. 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 milestone payments, royalties, the development of products and
the success of the collaboration with Novartis, 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.
###