Navigation Links
GenVec Announces Dismissal Of Class Action Lawsuit
Date:9/23/2013

GAITHERSBURG, Md., Sept. 23, 2013 /PRNewswire/ -- GenVec, Inc. (NASDAQ: GNVC) today announced that the previously disclosed putative class action lawsuit filed against the Company and certain of its current and former officers (the "Defendants") 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. The Company does not know whether the plaintiffs will file a Notice of Appeal.

"There are no winners when an experimental therapeutic fails in clinical trials, especially for a challenging and underserved indication such as pancreatic cancer.  We are extremely pleased, however, that the Court recognized that the plaintiffs' claims were without merit and granted in full and with prejudice our motion to dismiss," commented Douglas J. Swirsky, President and Chief Executive Officer of GenVec. 

"The favorable resolution of this case is timely as we work to transition GenVec from a capital-intensive, product development company to one focused on the cost efficient creation of value through the licensing of our proprietary vector and cell line technologies," added Mr. Swirsky.

GenVec and the individual defendants are represented by Hogan Lovells US LLP.

About GenVec
GenVec is a biopharmaceutical company working with leading companies and organizations such as Novartis, Merial, and the U.S. Government to leverage its proprietary gene-delivery technologies to address the prevention and treatment of a number of significant human and animal health concerns. Additional information about 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 with respect to the transition of the Company's business focus, 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 and uncertainties, such as the failure of Novartis to advance GenVec's hearing loss program, including into human clinical trials.  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. Company Contact: Investor Relations Contact:GenVec, Inc.S.A. Noonan Communications Rena CohenSusan A. Noonan(240) 632-5501(212) 966-3650rcohen@genvec.com  susan@sanoonan.com
'/>"/>

SOURCE GenVec, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. GenVec Board Restructures Operations and Withdraws Plan of Dissolution
2. GenVec Reports Fourth Quarter And 2012 Year-End Financial Results
3. GenVec To Release Fourth Quarter And Year-end 2012 Financial Results And Conduct A Conference Call On March 22, 2013
4. GenVec to Present at 25th Annual ROTH Conference
5. GenVec Reports Third Quarter 2012 Financial Results
6. GenVec Reports Second Quarter 2012 Financial Results
7. GenVec to Release Second Quarter 2012 Financial Results and Conduct a Conference Call on August 9, 2012
8. GenVec Announces Conditional Approval of FMD Vaccine for Cattle
9. GenVec Reports Inducement Award
10. GenVec Appoints Cynthia Collins as President and CEO
11. GenVec To Release First Quarter 2012 Financial Results And Conduct A Conference Call On May 10, 2012
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/7/2017)...  Endo International plc (NASDAQ: ENDP ) ... all known U.S. mesh product liability claims and that ... remaining U.S. claims at reasonable values. Under the agreements, ... quarter of 2017 and continuing through the fourth quarter ... results, the Company intends to increase its mesh product ...
(Date:8/2/2017)... , Aug. 2, 2017   Marshall County Hospital in Benton, ... proactively reduce the risk of hospital-acquired infections (HAIs). The new addition, Tru-D SmartUVC , ... energy to kill deadly pathogens such as C. diff , MRSA, MERS, Ebola and ... Tru-D SmartUVC ... Tru-D in action in a patient room ...
(Date:7/31/2017)... 31, 2017 Three Tru-D SmartUVC robots have arrived ... Korea . Tru-D, short for "Total Room Ultraviolet Disinfection," is a ... an environmental services (ES) professional cleans the area with traditional cleaning protocols. ... Tru-D fights germs ... "Although the BAACH has a very ...
Breaking Medicine Technology:
(Date:8/21/2017)... ... August 22, 2017 , ... The ... as a 2017-2018 inductee into its VIP Woman of the Year Circle. She ... nation’s leading networking organization exclusively for professional women, boasting more than 850,000 members, ...
(Date:8/21/2017)... MINNEAPOLIS, MINN (PRWEB) , ... August 21, 2017 ... ... Sports Group, today announced that it has become the Official Technology Partner of ... their AES (Advanced Event Systems) volleyball software, along with providing sport ...
(Date:8/21/2017)... ... August 21, 2017 , ... Duncan ... program serving the people of Michigan. The new initiative fundraises for the Kalamazoo ... the very forefront of animal protection and welfare by addressing the root causes ...
(Date:8/21/2017)... ... ... The American Hospital Association (AHA) has elected Claire Zangerle, Chief Nurse Executive ... of Trustees for a three-year term beginning January 1, 2018. , The ... are committed to the improvement of health in their communities. Founded in 1898, the ...
(Date:8/21/2017)... ... ... The Industrial Designers Society of America (IDSA) hosted the ... Aug. 19, 2017 in Atlanta, GA—revealing which 25 designs won Gold and which 52 ... See all the winners at http://www.idsa.org/awards/idea/gallery . , “I hope you’re as excited ...
Breaking Medicine News(10 mins):