genvec inc (GNVC) Key Developments
GenVec, Inc. and Novartis Announce Non-Rejection of the Investigational New Drug Application by U.S. Food and Drug Administration for CGF166
Feb 26 14
On February 13, 2014, GenVec, Inc. (the 'company') announced that the third milestone had been achieved under the terms of its Research and Collaboration and License Agreement with Novartis for the development of treatments for hearing and balance disorders. This milestone was the non-rejection of the investigational new drug application, or IND, by the U.S. Food and Drug Administration (FDA), for CGF166, the lead product candidate that is the subject of the collaboration. The non-rejection of an IND by FDA is generally required prior to commencing clinical trials with an experimental pharmaceutical or biological product in the United States. As a result of the IND being cleared, the company expects Novartis to commence dosing patients with CGF166 within the first half of 2014. As previously announced, GenVec is entitled to a $2 million milestone
payment for the non-rejection of the IND. Upon the dosing of the first patient with CGF166, the company will be entitled to receive a $3 million milestone payment from Novartis. These two milestone payments constitute the $5 million of near-term milestones previously referred to by the company as reasonably anticipated being earned prior to June 30, 2014.
GenVec, Inc. Presents at 26th Annual ROTH Conference, Mar-10-2014 03:00 PM
Feb 20 14
GenVec, Inc. Presents at 26th Annual ROTH Conference, Mar-10-2014 03:00 PM. Venue: The Ritz Carlton, 1 Ritz Carlton Dr, Dana Point, CA 92629, United States. Speakers: Douglas J. Swirsky, Chief Executive Officer, President and Director.
GenVec, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 12 13
GenVec, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company's revenues were $1,582,000 against $2,128,000 a year ago. Loss from operations was $2,963,000 against $4,051,000 a year ago. Net loss was $2,961,000 or $0.23 per basic and diluted share against $4,039,000 or $0.31 per basic and diluted share a year ago.
For the nine months, the company's revenues were $3,537,000 against $7,832,000 a year ago. Loss from operations was $9,148,000 against $10,927,000 a year ago. Net loss was $9,132,000 or $0.71 per basic and diluted share against $10,896,000 or $0.84 per basic and diluted share a year ago. The decrease in revenue for the three-month and nine-month periods was primarily attributable to revenue associated with hearing loss and balance disorders program as the company is near completion of development work under agreements with Novartis.
GenVec, Inc., Annual General Meeting, Nov 22, 2013
Oct 16 13
GenVec, Inc., Annual General Meeting, Nov 22, 2013., at 08:30 US Eastern Standard Time. Location: 65 West Watkins Mill Road. Agenda: To elect two directors to the company's Board of Directors, each to serve for a term of three years or until their successors are qualified and elected; to approve an increase to the number of shares of the company's common stock, par value $0.001 per share, available for issuance under the company’s 2011 Omnibus Incentive Plan by 500,000 and to approve the material terms for payment of performance-based compensation under the 2011 Plan as required by Section 162(m) of the Internal Revenue Code; to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for the year ending December 31, 2013; and to act upon any other matter that may properly come before the Annual Meeting or any adjournment or postponement thereof.
GenVec, Inc. Announces Dismissal of Class Action Lawsuit
Sep 23 13
GenVec, Inc. announced that the previously disclosed putative class action lawsuit filed against the company and certain of its current and former officers by the law firm of Brower Piven in the United States District Court for the District of Maryland has been dismissed with prejudice. No payment was made by any of the Defendants to the plaintiffs or their counsel in connection with the lawsuit.