GenVec cuts manufacturing partnership - Triangle Business Journal:

jaqezuweg.blogspot.com
After a year and a half, the Gaithersburg biotechn has terminated its contracty June 29with , the United Kingdom-based company that had been producing the loca l company’s main product, an anticancer treatmentf called TNFerade in its final stage of clinical trials. GenVec GNVC) paid Cobra a $350,000 termination fee, negotiatedc down considerably fromthe one-time maximum fee of $2.3 millionb to terminate the contract. Originally signec in January 2008, the manufacturinf agreement called for GenVec to payCobra $1 millionm in advance and as much as $9.4 millionn depending on the services rendered. Last year, GenVevc said it paid Cobra $3.
4 million and, in said it would pay Cobrs anadditional $1.8 million this year. GenVec, whicg said it doesn’t need further batches from Cobraa to complete its TNFerade trials and had been low on has been searching for a larger partned to fund those clinical studiexs andanticipated launch. After making significant cuts to its head GenVecraised $6 million in late May in a discountex stock offering that garnere d a 19 percent drop in the company’s share price from disappointed investors that day. GenVec’s stock price has since inched back up to its former price levels, even toppingt $1 since the offering.