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GenVec Reports Fourth Quarter and 2010 Year-End Financial Results
Date:3/10/2011

4.4 million for services performed in 2010.
  • We achieved the first milestone in our research collaboration with Novartis which was triggered by the successful completion of certain preclinical development activities.  After this achievement, we are eligible to receive up to an additional $206.3 million in milestone payments if certain clinical, regulatory, and sales milestones are met, in addition to royalties on future sales.

  • VACCINES PROGRAMS

  • We entered into a Cooperative Research and Development Agreement with the U.S. Naval Medical Research Center (NMRC) to support their dengue fever vaccine research. Under a separate contract with the Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc., GenVec will receive funding for the development and preparation of vaccines related to this program.

  • Encouraging data were presented on GenVec's respiratory syncytial virus (RSV) vaccine program demonstrating preclinical proof-of-concept findings generated in multiple animal models at the National Institutes of Health (NIH) and GenVec. Specifically, the data show sustained production of neutralizing antibodies and the lack of immunological adverse events linked to prior unsuccessful RSV vaccine approaches.

  • SAIC-Frederick, Inc. executed its first option period (year two) under a previously announced four-year contract with GenVec for the development of influenza and HIV vaccines in support of the Vaccine Research Center of the National Institute of Allergy and Infectious Diseases, part of NIH.

  • We published research describing GenVec's efforts to identify and utilize novel adenovirus serotypes as vectors in vaccine development.

  • Encouraging clinical and preclinical malaria vaccine data were presented indicating that our malaria vaccines given to malaria-naïve adults were found to be safe and well-tolerated. In addition, sterile protection, a complete absence of paras
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