UPDATE 1-GenVec, Novartis in new deal on hearing-loss treatment

Fri Aug 6, 2010 8:19am EDT

* GenVec to get about $13 mln over 4 yrs

* GenVec shares up 12 pct

Aug 6 (Reuters) - GenVec Inc (GNVC.O) said it signed a new deal with Novartis AG (NOVN.VX) to supply the Swiss drugmaker with material for the development of potential treatments for hearing loss and balance disorders.

Under the deal, GenVec will receive $13 million from Novartis over four years to manufacture clinical trial material for up to two lead candidates.

In January, GenVec signed a deal to license its treatments for hearing loss and balance disorders to Novartis. [ID:nSGE60I0EU]

Shares of the clinical-stage biopharmaceutical company rose 12 percent to $0.57 in pre-market trade Friday. They closed at $0.51 Thursday on Nasdaq. (Reporting by Shailesh Kuber in Bangalore; Editing by Anne Pallivathuckal)

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