Struggling biotech GenVec has opted to drop out of the race to develop new gene therapies. Shareholders will vote on the board of directors' plan to liquidate the company's assets, dissolve the business, and delist its publicly traded shares.
The cuts will occur throughout the organization, CEO Cynthia Collins said, but had to be done in order to "ensure that our costs are more closely aligned with our resources and business strategy." One group of workers involved in the company's partnership with Novartis are largely exempted from the cutbacks.
GenVec could receive approximately $13 million over four years after inking an agreement with Novartis through which it will manufacture clinical trial material for up to two lead candidates. The two
With its stock price in the toilet following a March meltdown triggered by the late-stage failure of its lead therapy, GenVec is bringing in the experts to review its options--including a sale of all
Gaithersburg, MD-based GenVec (NASDAQ: GNVC) has been informed that its stock price no longer meets NASDAQ requirements and could be delisted. The Washington Business Journal reports that GenVec
GenVec is reeling after its lead therapy TNFerade flunked a Phase III trial for pancreatic cancer. An interim analysis found that the gene therapy was unlikely to prove effective, causing the
GenVec saw its shares surge this morning on the back of a newly announced pact with the global pharma company Novartis. Under the terms of the $213 million deal, Novartis will collaborate with GenVec
GenVec is on a roll. A day after winning an orphan drug designation for its pancreatic cancer therapy TNFerade, the developer inked a $22 million development deal with Science Applications
Regulators at the FDA have presented GenVec with orphan drug status for TNFerade, an experimental therapy that spurs development of an immune system protein which helps fight advanced pancreatic
Drug and vaccine developer GenVec announced today that it is reducing its headcount to keep costs in control. Twenty-two positions will be eliminated, leaving the company with 101 employees.