Replies to post #89137 on Biotech Values

[bladerunner1717]

Dew,

What would be considered a "miss?"


Bladerunner

[DewDiligence]

GNVC, NVS Ink Collaboration to Treat Hearing Loss

[The program is in the preclinical stage. Up-front cash is $7M, including $2M for an equity purchase by NVS; potential clinical, regulatory, and sales-based milestones are $214M.]

http://finance.yahoo.com/news/GenVec-Enters-Collaboration-prnews-2449045788.html?x=0&.v=1

›Tuesday January 19, 2010, 6:23 am EST

GAITHERSBURG, Md., Jan. 19 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC) today announced that the company has entered into a research collaboration and license agreement.

GenVec and Novartis will collaborate to discover and develop novel treatments for hearing loss and balance disorders. 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.

Under terms of the agreement, GenVec is licensing the world-wide rights to its preclinical hearing loss and balance disorders program to Novartis. GenVec will receive a $5 million upfront payment and Novartis has purchased $2 million in GenVec common stock. In addition, GenVec will receive funding from Novartis for a research program focused on developing additional adenovectors for hearing loss. If certain clinical, regulatory and sales milestones are met, GenVec is eligible to receive up to $213.6 million, including upfront and milestone payments, in addition to royalties on future sales.

"Hearing loss is a significant and growing problem for millions of people. Our technology has great promise and this collaboration provides an excellent mechanism to move the development of new treatments forward. We believe Novartis is an ideal collaborator for GenVec. They have the experience, expertise, and resources to develop and commercialize innovative products on a world-wide basis," said Dr. Paul Fischer, GenVec's President and Chief Executive Officer.‹

[bladerunner1717]

GAITHERSBURG, Md., Jan. 22 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC) announced today that data from the Company's trial in esophageal cancer were presented at the American Society of Clinical Oncology's 2010 Gastrointestinal Cancer Symposium in Orlando, Florida on January 22, 2010.

The poster, titled, "Long term survival analysis of multicenter clinical trial using endoscopy (END) and endoscopic ultrasound (EUS) guided fine needle injection (FNI) of antitumor agent (TNFerade Biologic (TNF)) in patients with locally advanced esophageal cancer," reports on updated efficacy and survival data. In the 24 patients receiving TNFerade in combination with chemoradiation, the median survival was 47.7 months. Median survival from other historical clinical trials in similar stage disease ranged from 9.7 to 34 months.

Research presented in the poster received a prestigious ASCO Foundation Merit Award. In addition, the poster received focused attention at the oral review session on esophageal cancer on January 22, 2010.

"This symposium brings together the greatest thought leaders in this area of oncology and we are pleased to be presenting this analysis at this event," stated Mark Thornton, Ph.D., GenVec's Senior Vice President of Product Development. "The encouraging increases in survival versus historical controls will warrant additional evaluation."


Bladerunner