GAITHERSBURG, Md., Dec. 6, 2011 /PRNewswire/ -- GenVec, Inc. (Nasdaq: GNVC) today announced that it has achieved the second milestone in its collaboration with Novartis (NYSE: NVS), related to the development of treatments for hearing loss and balance disorders. The milestone was triggered by the successful completion of certain preclinical development activities.
"Completing this milestone reflects sustained progress and we look forward to reaching additional milestones with Novartis in this very exciting program," said Dr. Paul Fischer, GenVec's President and Chief Executive Officer.
About the CollaborationIn 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.
In August 2010, we entered into an additional agreement with Novartis, to manufacture clinical trial material for up to two lead product candidates for this program.
About GenVecGenVec is a biopharmaceutical company using differentiated, proprietary technologies to create superior therapeutics and vaccines. A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with leading companies and organizations such as Novartis, Merial, and the U.S. Government to support a portfolio of product programs that address the prevention and treatment of a number of significant human and animal health concerns. GenVec's development programs address therapeutic areas such as hearing loss a
|SOURCE GenVec, Inc.|
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