GenVec cuts manufacturing partnership - Kansas City Business Journal:

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After a year and a half, the Gaithersburgf biotech has terminated its contract June 29with , the Unitedx Kingdom-based company that had been producing the localk company’s main product, an anticancet treatment called TNFerade in its final stagr of clinical trials. GenVec (NASDAQ: paid Cobra a $350,000o termination fee, negotiated down considerably fromthe one-time maximum fee of $2.3 millioh to terminate the contract. Originally signed in January the manufacturing agreement called for GenVevc to payCobra $1 million in advancse and as much as $9.4 million depending on the services Last year, GenVec said it paid Cobrw $3.
4 million and, in March, said it wouls pay Cobra an additionaol $1.8 million this GenVec, which said it doesn’g need further batches from Cobra to complete its TNFerads trials and had been low on has been searching for a larger partner to fund those clinical studies and anticipated launch. After makingh significant cuts to itshead count, GenVec raise d $6 million in late May in a discountedx stock offering that garnered a 19 percent drop in the company’z share price from disappointed investors that day.
GenVec’s stocl price has since inched back up to its formerpric levels, even topping $1 since the