GNVC
GAITHERSBURG, Md.--(Business Wire)--Oct 05, 2005--
GenVec, Inc. (Nasdaq:GNVC.Q) announced today that it has
received a $9.9 million increase in funding for its HIV vaccine
development work with the Vaccine Research Center (VRC) of the
National Institute of Allergy and Infectious Diseases (NIAID),
National Institutes of Health. The VRC will utilize GenVec's
proprietary technologies for vaccine development, including its
production cell line, 293-ORF6, to design and test next-generation
vaccines to optimize the body's immune response to HIV. GenVec is
working under a subcontract, issued and managed by SAIC-Frederick,
which now totals approximately $50 million and extends through 2008.
GenVec, working with the VRC, has already developed and produced
an adenovector-based vaccine containing DNA segments from the three
major HIV subtypes, or "clades," responsible for 90 percent of HIV
infections worldwide. In clinical trials being conducted by the VRC,
this adenovector-based vaccine has been administered to more than 140
volunteers either alone or in combination with a plasmid DNA vaccine
as a "boost" in 6 ongoing or completed Phase I studies. In addition,
this adenovector-based vaccine will be used in upcoming Phase II
clinical testing anticipated to enroll volunteers in the U.S., Haiti,
Brazil, Trinidad, South Africa and Botswana.
GenVec is a publicly held clinical-stage biopharmaceutical company
focused on the development and commercialization of novel therapies
that improve patient care in the areas of cancer and cardiac disease,
and to prevent vision loss. GenVec's vaccine program applies the
Company's unique delivery technology and 293-ORF6 cell line to develop
vaccines against a variety of diseases, including HIV, malaria, and
foot and mouth disease. The vaccine candidate discussed in this
release has not been approved by the U.S. Food and Drug Administration
or any other regulatory agency. GenVec is not responsible for the
design or conduct of the clinicaltrials discussed in this release.
Additional information on 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 programs and studies,
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
relating to the early stage of GenVec's product candidates under
development; uncertainties relating to clinical trials; the timing and
content of future U.S. Food and Drug Administration regulatory actions
with respect to GenVec, its product candidates, or collaborators,
risks relating to the commercialization, if any, of GenVec's proposed
product candidates (such as marketing, regulatory, patent, product
liability, supply, competition and other risks); 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.
CONTACT: GenVec, Inc.
Rena Cohen, 240-632-5501
rcohen@genvec.com
KEYWORD: 'UNITED STATES' 'NORTH AMERICA' 'MARYLAND'
INDUSTRY KEYWORD:'HEALTH' 'AIDS' 'BIOTECHNOLOGY'
'INFECTIOUS DISEASES' 'OTHER HEALTH'
SOURCE: GenVec, Inc.
Copyright Business Wire 2005
