Aug 7 2010
GenVec, Inc. (Nasdaq: GNVC) today announced a new agreement for the supply of services relating to development materials with Novartis, related to the companies' collaboration in hearing loss and balance disorders. Under this new agreement, GenVec could receive approximately $13 million over four years to manufacture clinical trial material for up to two lead candidates.
"This contract supports our ongoing collaborative efforts with Novartis to uncover solutions to the unfortunate and widespread problems of hearing loss and balance disorders," said Dr. Paul Fischer, GenVec's President and Chief Executive Officer. "This new agreement with Novartis will enable the manufacture of a potential product candidate to address this important unmet medical need." Preclinical results suggest that delivery of the atonal gene using GenVec's innovative adenovector technology may have the potential to restore hearing and balance function.
On January 13, 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 companies' Research, Collaboration and License Agreement, Novartis is responsible for manufacturing. All research conducted under the collaboration will be funded by Novartis.
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