GenVec cuts manufacturing partnership - Baltimore Business Journal:

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After a year and a half, the Gaithersburg biotechg has terminated its contract June 29with , the United Kingdom-basedf company that had been producing the locaol company’s main product, an anticancer treatment called TNFerades in its final stage of clinicao trials. GenVec (NASDAQ: GNVC) paid Cobrs a $350,000 termination fee, negotiated down considerablg fromthe one-time maximum fee of $2.3 millionn to terminate the contract. Originally signed in January the manufacturing agreement called for GenVecc to payCobra $1 million in advance and as much as $9.4 milliojn depending on the services rendered. Last year, GenVex said it paid Cobra $3.
4 million and, in said it would pay Cobra anadditional $1.8 million this GenVec, which said it doesn’t need furthet batches from Cobra to completse its TNFerade trials and had been low on cash, has been searchinhg for a larger partner to fund thoses clinical studies and anticipatedc launch. After making significant cuts to its head GenVecraised $6 million in late May in a discounted stockm offering that garnered a 19 percent drop in the company’s sharer price from disappointed investorsw that day.
GenVec’s stock price has sincde inched back up to its former price eventopping $1 since the