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GenVec Achieves Novartis Milestone

GenVec, Inc. has achieved the first milestone in its collaboration with Novartis aimed at developing treatments for hearing loss and balance disorders.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

GenVec, Inc. has achieved the first milestone in its collaboration with Novartis aimed at developing treatments for hearing loss and balance disorders. The milestone was triggered by the successful completion of certain preclinical development activities.

“Completion of this milestone signifies progress made in moving the potential product toward clinical development,” said Dr. Paul Fischer, GenVec’s president and chief executive officer. “The rapid completion of this initial milestone in our collaboration with Novartis validates our strategy to work with the best collaborators in the industry. We look forward to reaching additional milestones with Novartis as the program progresses.”

The two companies entered into the collaboration back in January 2010. GenVec is eligible to receive as much as $213.6 million if certain clinical, regulatory, and sales milestones are met, including upfront and milestone payments, as well as royalties on sales.

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