Biotech Values

[DewDiligence]

GenVec explores new vector for PEDF treatment in AMD:

[See annotation in third paragraph]

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GenVec Receives SBIR Grants for PEDF Protein Research in Macular Degeneration

GAITHERSBURG, Md., Dec. 9 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC - News), a biopharmaceutical company, announced today that the National Eye Institute (NEI) has awarded two independent Small Business Innovative Research (SBIR) grants totaling $200,000 to enhance research efforts using PEDF (Pigment Epithelium-Derived Factor) for the treatment of eye diseases, such as wet age-related macular degeneration (AMD) and diabetic retinopathy (DR), which are caused by abnormal blood vessel growth in the eye. PEDF protein is a potent natural inhibitor of angiogenesis in the eye and is being used in GenVec's ophthalmology product candidate, AdPEDF, currently in Phase I clinical trials for the treatment of wet age-related macular degeneration.

The most recent grant, awarded October 2003, will focus on the production and testing of a high-capacity adenovector, which may produce PEDF protein in the eye for longer periods of time. [Reading between the lines, this suggests that the vector used in the phase-1 AMD trial may not be getting the job done. What makes this even more plausible is that the CEO stated in the HN webcast last week that the dose was escalated 1,000-fold during the phase-1 AMD trial in progress –Dew]. Using this technology, GenVec will explore potential treatments for ocular diseases.

Earlier this year, GenVec received a grant to support the production of high quality PEDF protein. Research funded under this grant provides important information concerning how PEDF regulates blood vessel growth and neuronal function in the eye. Under this grant, GenVec was able to obtain mechanistic information for its ophthalmology product candidate, AdPEDF.

"We are pleased to receive these awards. They not only provide additional funding for PEDF research, but they demonstrate that our program can stand up to rigorous peer review," commented Lisa Wei, Ph.D., GenVec's Director of Pharmacology and PEDF Team Leader. Dr. Wei continued, "PEDF regulates important processes in the eye and these grants will advance our understanding of PEDF for therapeutic treatments of eye diseases."

GenVec is a publicly held biopharmaceutical company focused on the development and commercialization of novel therapies that improve patient care in the areas of cancer, vision loss, and cardiac disease. GenVec is also developing vaccines for HIV, SARS, malaria and dengue virus. Additional information on GenVec is available at www.genvec.com and in the company's various filings with the Securities and Exchange Commission.
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