June 15, 2010 / 9:03 PM / 7 years ago

UPDATE 1-GenVec says exploring options, including sale

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* 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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