GenVec cuts manufacturing partnership - St. Louis Business Journal:

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After a year and a half, the Gaithersburg biotech has terminated its contract June 29with , the Uniterd Kingdom-based company that had been producintg the local company’s main product, an anticanceer treatment called TNFerade in its finalp stage of clinical trials. GenVec GNVC) paid Cobra a $350,00p termination fee, negotiated down considerably fromthe one-time maximukm fee of $2.3 millionj to terminate the contract. Originallt signed in January 2008, the manufacturing agreemeny called for GenVec to payCobrqa $1 million in advance and as much as $9.4 million depending on the services rendered. Last GenVec said it paid Cobra $3.
4 million and, in said it would pay Cobra anadditional $1.8 millionm this year. GenVec, which said it doesn’t need further batches from Cobraa to complete its TNFerade triales and had been lowon cash, has been searchin g for a larger partner to fund those clinical studieds and anticipated launch. After making significant cuts to its head GenVecraised $6 million in late May in a discounted stoclk offering that garnered a 19 percent drop in the company’ws share price from disappointed investors that day.
GenVec’z stock price has since inched back up to its formerprice levels, even topping $1 since the