GAITHERSBURG, Md.--(BUSINESS WIRE)-- GenVec, Inc. (Nasdaq:GNVC) announced today that the U.S. Department of Homeland Security (DHS) has executed the second option period under a three-year agreement with GenVec to support the development of vaccines for the prevention of foot-and-mouth disease (FMD). GenVec will receive up to $6.6 million to complete development activities under the option period.
This funding increases the total value of GenVec’s three-year agreement with the DHS from $17.5 million to $18.2 million. Under the agreement, the DHS is responsible for conducting animal studies at the Plum Island Animal Disease Center; GenVec is responsible for the development, production, and regulatory approval of the vaccine.
The novel FMD vaccine approach was initially discovered by U.S. Department of Agriculture-Agricultural Research Service (USDA-ARS) scientists at Plum Island Animal Disease Center and currently utilizes GenVec’s proprietary adenovector technology and is manufactured on a proprietary GenVec cell line that is capable of producing antigens without the use of the highly contagious FMD virus. Because the vaccine is produced without using live or killed virus materials, it can be safely produced in the U.S. It is the first molecular-based FMD vaccine for cattle, and allows differentiation of injected animals from vaccinated animals, which is critical information in the event of an outbreak.
DHS’s Targeted Advanced Development (TAD) unit, USDA-ARS and GenVec will continue to collaborate on additional molecular-based FMD vaccines in the research and development pipeline.
“We appreciate the DHS’s continued commitment to this important effort. FMD has been identified as an important threat to our nation’s food supply. The goal of this program is the conditional licensure of a vaccine against FMD,” stated Douglas J. Swirsky, GenVec’s Chief Financial Officer.
GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec’s lead product candidate, TNFerade™, is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer and is being evaluated in additional clinical trials in other tumor types. 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.
Douglas J. Swirsky
Chief Financial Officer
Source: GenVec, Inc.