GenVec Forms Collaboration With World-Leading Animal Health Company
GAITHERSBURG, Md., Dec. 29, 2010 /PRNewswire/ -- GenVec, Inc. (Nasdaq: GNVC) today announced that the company will be working with Merial to develop and commercialize GenVec's proprietary vaccine technology for use against foot-and-mouth disease (FMD). Merial is the leading FMD vaccine producer in the world, with leading positions in all key markets. Under the agreement, Merial will be responsible for all costs related to the development and commercialization of FMD vaccines developed through the collaboration. GenVec will receive development milestones and royalties on sales.
GenVec's novel FMD vaccine approach utilizes GenVec's proprietary adenovector technology and is manufactured on a proprietary GenVec cell line that is capable of producing antigens without the use of the highly contagious FMD virus. Because the vaccine is produced without using live or killed virus materials, it can be produced cost effectively in the US and around the world.
"We look forward to working with GenVec to explore this promising technology for FMD vaccines," said Teshome Mebatsion, Senior Director Vector Vaccine Research, Merial. Robert Nordgren, Global Head of Merial's Bio R&D added that "Merial sees great potential for GenVec's technology to positively impact the way that animal vaccines are produced and developed."
"Our relationship with Merial complements our strategy of entering into collaborations to support the development of our pipeline of products," said Dr. Paul Fischer, GenVec's President and Chief Executive Officer.
About GenVecGenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec uses proprietary drug discovery and development technologies to support a portfolio of product programs that address the prevention and treatment of a number of major diseases. In collaboration wit