GenVec Signs New Contract to Support HIV and Influenza Vaccine Development
Download image GAITHERSBURG, Md., Nov. 5 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC) announced today that SAIC-Frederick, Inc. has signed a contract with GenVec for the development of influenza and HIV vaccines in support of the Vaccine Research Center (VRC) of the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH). This four-year contract has a total value of over $22 million if all options are exercised. Over the next year, GenVec will receive approximately $2.6 million.
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Under the contract, the vaccines would be comprised of genetic material supplied by the VRC and adenoviral vectors supplied by GenVec.
"This new contract supports important efforts in HIV and influenza. Given the heightened concerns about influenza, this contract is timely and we look forward to applying our novel technology to this problem," stated Dr. Paul Fischer, GenVec's President and CEO. "In particular, we are looking forward to working on a universal flu vaccine, which has the potential to protect against seasonal and pandemic outbreaks."
Work under this contract will include generation of HIV vaccine candidates, generation of a universal flu vaccine candidate, process and assay development for manufacture of vaccine candidates for clinical testing, and continued support of the HIV vaccine candidates currently in clinical testing.
GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec's lead product TNFerade is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer. TNFerade has also been and is currently being evaluated for its potential use in the treatment of several other cancers including esophageal cancer, rectal cancer, and head and neck cancer. GenVec also uses its proprietary adenovector technology to develop vaccines for infectious diseases including HIV, malaria, foot-and-mouth disease, influenza, 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.
About the VRC
The Dale and Betty Bumpers Vaccine Research Center (VRC) at the National Institutes of Health was established to facilitate research in vaccine development. The VRC is dedicated to improving global human health through the rigorous pursuit of effective vaccines for human diseases. Established by former President Bill Clinton as part of an initiative to develop an AIDS vaccine, the VRC is a unique venture within the NIH intramural research program. Initially spearheaded by the National Institute of Allergy and Infectious Diseases (NIAID), the National Cancer Institute, and the NIH Office of AIDS Research, the VRC is now part of the NIAID organization.
SAIC-Frederick, Inc., a wholly owned subsidiary of Science Applications International Corporation (SAIC), a Fortune 500® company, is the operations and technical support contractor for the National Cancer Institute's research and development center in Frederick, Md. This is a national laboratory dedicated to rapidly translating basic research into new technologies for diagnosing, treating, and preventing cancer and AIDS. SAIC-Frederick maintains a full suite of advanced technologies in areas such as nanotechnology, genomics and imaging; operates the federal government's drug and vaccine manufacturing facilities (VRC's Vaccine Pilot Plant and Biopharmaceutical Development Program); operates the high-performance Advanced Biomedical Computing Center; and supports more than 300 clinical trials for patients in the United States and around the world.
This project is being wholly funded with Federal funds from the National Cancer Institute, National Institutes of Health under Contract No. HHSN261200800001E. The content of this publication does not necessarily reflect the views or policies of the Department of Health and Human Services, nor does mention of trade names, commercial products, or organizations imply endorsement by the U.S. Government.
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.