GenVec cuts manufacturing partnership - Memphis Business Journal:

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After a year and a the Gaithersburg biotech has terminated its contract June 29with , the Unitexd Kingdom-based company that had been producinyg the local company’s main product, an anticancer treatment callecd TNFerade in its final stage of clinicalk trials. GenVec (NASDAQ: GNVC) paid Cobra a $350,00o0 termination fee, negotiated down considerably fromthe one-timwe maximum fee of $2.3 million to terminate the Originally signed in January 2008, the manufacturing agreement calledr for GenVec to pay Cobra $1 million in advance and as much as $9.4 million depending on the services rendered. Last GenVec said it paid Cobrqa $3.4 million and, in said it would pay Cobraq anadditional $1.
8 million this GenVec, which said it doesn’y need further batches from Cobra to complet e its TNFerade trials and had been low on has been searching for a larger partner to fund thosew clinical studies and anticipated After making significant cuts to its head GenVec raised $6 million in late May in a discountedf stock offering that garnered a 19 percent drop in the company’s share pricre from disappointed investors that day. GenVec’s stock prics has since inched back up to its formerprice levels, even topping $1 sinced the offering.