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:10/11/2017)... 11, 2017  True Health, a leader in ... effort during National Breast Cancer Awareness month to ... Research recently ... that more than 10 million American women are ... BRCA1 or BRCA2 and have not had testing. These ...
(Date:10/5/2017)... ROSEMONT, Ill. , Oct. 5, 2017 /PRNewswire-USNewswire/ ... American Association of Oral and Maxillofacial Surgeons (AAOMS) ... than opioids – to be used as a ... post-surgical pain. ... relationship, the AAOMS White Paper "Opioid Prescribing: Acute ...
(Date:10/2/2017)... , Oct. 2, 2017  Eli Lilly and ... financial results for the third quarter of 2017 on ... conference call on that day with the investment community ... The conference call will begin at 9 ... can access a live webcast of the conference call ...
Breaking Medicine Technology:
(Date:10/12/2017)... , ... October 12, 2017 , ... ... services for healthcare compliance program management, will showcase a range of technology and ... for Assisted Living (NCAL) Convention and Expo to be held October 14–18, 2017 ...
(Date:10/12/2017)... ... October 12, 2017 , ... IsoComforter, Inc. ( https://isocomforter.com ... introduction of an innovative new design of the shoulder pad. The shoulder pad ... comfort while controlling your pain while using cold therapy. By utilizing ice and water ...
(Date:10/12/2017)... ... October 12, 2017 , ... Dr. Parsa Mohebi, the Los ... article to the newly revamped Cosmetic Town journal section, featuring articles ... procedure known as Follicular Unit Extraction (FUE). , Dr. Mohebi says ...
(Date:10/12/2017)... ... October 12, 2017 , ... Women-owned and ... 2017 Best and Brightest in Wellness® by Best and Brightest. OnSite Wellness will ... Friday, Oct. 20 from 7:30 a.m. to 2 p.m. at the Henry Autograph ...
(Date:10/12/2017)... ... October 12, 2017 , ... Farm ... California Berkeley, and other leading institutions in announcing the launch of the ... change the way animals are raised for food. , Founding members of the ...
Breaking Medicine News(10 mins):