UPDATE 1-GenVec says exploring options, including sale
* Engages Wells Fargo Securities to review options
* Says alternatives may include possible sale
June 15 (Reuters) - Biopharmaceutical company GenVec Inc (GNVC.O) said it was exploring strategic alternatives, including a possible sale of the company.
GenVec said it has engaged Wells Fargo Securities LLC to review options, which could also include sale of assets, partnering or other collaboration agreements.
In March, the company discontinued a trial for its lead experimental gene therapy drug, TNFerade, for pancreatic cancer, citing efficacy concerns. [ID:nN29113000]
Besides TNFerade, GenVec has multiple vaccines in development and a collaboration with Novartis AG (NOVN.VX) to develop treatments for hearing loss.
Shares of the company closed at 51 cents Tuesday on Nasdaq. (Reporting by Anand Basu in Bangalore)
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