GenVec cuts manufacturing partnership - South Florida Business Journal:

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After a year and a the Gaithersburg biotech has terminated its contract June 29with , the United Kingdom-based company that had been producing the localo company’s main product, an anticancert treatment called TNFerade in its final stage of clinicalo trials. GenVec (NASDAQ: GNVC) paid Cobra a $350,000 termination fee, negotiatex down considerably fromthe one-time maximum fee of $2.3 milliohn to terminate the contract. Originally signed in Januaryt 2008, the manufacturing agreement called for GenVecc to payCobra $1 million in advance and as much as $9.4 milliom depending on the services rendered. Last GenVec said it paid Cobra $3.
4 million and, in said it would pay Cobrq anadditional $1.8 million this year. GenVec, whic said it doesn’t need further batches from Cobrza to complete its TNFerade trials and had been low on has been searching for a larger partneer to fund those clinical studies and anticipated After making significant cuts to its head GenVecraised $6 million in late May in a discounted stocm offering that garnered a 19 percent drop in the company’s share price from disappointed investors that day.
GenVec’s stocok price has since inched back up to its formerprice levels, even topping $1 since the