GenVec and U.S. Naval Medical Research Center to Collaborate on Vaccine for Dengue Fever
GAITHERSBURG, Md., Jan. 25, 2011 /PRNewswire/ — GenVec, Inc. (Nasdaq: GNVC) today announced that it has entered into a Cooperative Research and Development Agreement with the U.S. Naval Medical Research Center (NMRC) to support their dengue fever vaccine research. Under a separate contract with the Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc., GenVec will receive funding for the development and preparation of vaccines related to this program.
GenVec will design and manufacture the next generation vaccine candidates which will utilize GenVec’s adenovector technology and be manufactured utilizing GenVec’s proprietary cell line. NMRC will be responsible for pre-clinical animal studies including studies in non-human primates.
GenVec anticipates that it will recognize approximately $530,000 of revenue associated with the completion of work under the agreement with the Jackson Foundation in 2011.
“This new program supports our strategy of working with partners to generate new product opportunities for GenVec,” stated Dr. Paul Fischer, GenVec’s President and Chief Executive Officer. “This new application also highlights the ability of our vectors to stimulate immune responses to multiple antigens.”
About Dengue Fever
Dengue fever is a viral disease spread by mosquitoes that historically affected 50 million to 100 million people each year. The virus is found in tropical and sub-tropical climates worldwide, mostly in urban and semi-urban areas. In recent years Dengue fever has spread to many new geographic locations, with cases confirmed in Florida and explosive outbreaks having occurred in Brazil and Venezuela. Symptoms are flu-like and generally occur 3 to 14 days after being bitten by an infected mosquito. Symptoms may include fever, headache, rash, eye pain and body aches. Dengue hemorrhagic fever is the most severe form of the disease and it can be fatal. There is no current vaccine or treatment for dengue fever.
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 funding, manufacturing 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; uncertainties related to the outcome and process of GenVec’s previously announced strategic review, 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.
Investor and Media Contact: GenVec, Inc. Douglas J. Swirsky (240) 632-5510 email@example.com
SOURCE GenVec, Inc.