Key Developments: GenVec Inc (GNVC.W)
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28 May 2013
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Latest Key Developments (Source: Significant Developments)
GenVec Inc Secures $3.5 Million Contract From Naval Medical Research Center
GenVec Inc announced that it has signed an agreement worth approximately $3.5 million with the Naval Medical Research Center (NMRC) to support malaria vaccine development. Under the terms of the agreement, GenVec is responsible for producing clinical supplies of malaria vaccine, which utilizes technology. NMRC plans to use this clinical material to assess the safety and efficacy of these vectored vaccines using the clinical challenge model developed by NMRC and the Walter Reed Army Institute of Research (WRAIR) malaria vaccine programs, which now are unified as the US Military Malaria Vaccine Program (USMMVP). GenVec retains the right to commercialize this technology. Full Article
GenVec Inc Announces Reduction In Workforce
GenVec Inc announced that it is lowering operating costs to conserve capital including eliminating 23 positions, or approximately 30% of workforce. Full Article
GenVec, Inc. Announces Senior Management Changes
GenVec, Inc. announced that effective May 23, 2012 Cynthia Collins has been appointed as President and Chief Executive Officer(CEO). In addition, Ms. Collins is expected to be appointed to the Board of Directors of GenVec. Effective upon Ms. Collins' appointment, Paul H. Fischer, will step down as GenVec's President and CEO and as a member of the Board. As announced in December, Dr. Fischer is retiring, having served as GenVec's President and CEO. Full Article
Levi & Korsinsky Files Class Action Suit Against GenVec, Inc.
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the District of Maryland on behalf of investors who purchased GenVec, Inc. stock between March 12, 2009 and March 30, 2010 (Class Period). The complaint alleges that throughout the Class Period, the Company continuously publicized the clinical success of TNFerade, and that it was the Company's lead product candidate with strategic commercial value, even though the certain officers and directors knew or recklessly disregarded the fact that Phase III clinical trials of TNFerade in patients with pancreatic cancer was a failure. On March 29, 2010 GenVec announced that it was discontinuing its Phase III clinical trial of TNFerade in patients with locally advanced pancreatic cancer. On this news, the Company's stock price declined $20.10 per share from $28.10 per share on March 29, 2010 to close at $8.00 per share on March 30, 2010 a decline of more than 71.5% on unusually high volume. Full Article
Robbins Umeda LLP Announces Filing Of Class Action Suit Against GenVec, Inc.
Robbins Umeda LLP announced the filing of a federal securities class action by an investor in the U.S. District Court for the District of Maryland Greenbelt Division on behalf of purchasers of GenVec, Inc. shares between March 12, 2009 and March 30, 2010 (the Class Period). The complaint alleges that beginning on March 12, 2009, certain officers and directors at GenVec issued a series of false and misleading statements to investors about the clinical success and strategic commercial value of TNFerade biologic, a therapeutic product being developed by the company for use in the treatment of cancer. In particular, the complaint alleges that statements by officials at GenVec were materially false and misleading when made because: the officials knew or recklessly disregarded the fact that Phase III clinical trials of TNFerade in patients with pancreatic cancer was a failure; GenVec delayed releasing the actual results of these clinical trials so that it could successfully complete its $26 million Public Offering; and the Company failed to disclose the substantial negative impact that the failed clinical trials would have on GenVec's financial condition. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of GenVec, Inc.
Faruqi & Faruqi, LLP, a national securities law firm, is investigating potential securities fraud at GenVec, Inc. The investigation focuses on whether GenVec and its executives violated federal securities laws by failing to disclose that GenVec's much publicized product, TNFerade, designed for the treatment of certain cancers and infectious diseases (HIV, malaria, influenza, foot-and-mouth disease, respiratory syncytial virus, and HSV-2), was not effective. On March 29, 2010, GenVec announced that it was discontinuing its Phase III clinical trial of TNFerade in patients with locally advanced pancreatic cancer. On this news, GenVec's stock price declined by $20.10 per share from $28.10 per share on March 29, 2010 to a close of $8.00 per share on March 30, 2010, a decline of more than 71.5% on unusually high volume. Full Article
Brower Piven Files Class Action Suit Against GenVec, Inc.
The law firm of Brower Piven, A Professional Corporation, announced that it has filed a class action suit in the United States District Court for the District of Maryland on behalf of all investors who purchased or otherwise acquired GenVec, Inc. common stock between March 12, 2009 and March 30, 2010, inclusive (Class Period). The lawsuit has been filed against GenVec and certain of its officers for violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Full Article
Law Firm Brower Piven Announces Investigation Of GenVec, Inc.
Law Firm Brower Piven announced that it is investigating potential securities fraud claims against GenVec, Inc. (GenVec) regarding whether GenVec may have issued materially false or misleading information to investors before announcing on March 29, 2011 that it was discontinuing its Phase III clinical trial of TNFerade in patients with locally advanced pancreatic cancer. Brower Piven has been retained to commence a securities class action lawsuit on behalf of GenVec investors to recover investment losses. Full Article
GenVec, Inc. President And Chief Executive Officer Announces Retirement
GenVec, Inc. announced that Paul Fischer, has informed the Board of Directors of his plan to retire as President and Chief Executive Officer. Dr. Fischer, will continue to serve until a successor is named and the CEO transition is complete. The Board has retained Spencer Stuart, a nationally recognized executive search firm, to advise the Board on potential candidates. Full Article
GenVec, Inc. Lowers FY 2011 Revenue Guidance
GenVec, Inc. announced that for fiscal 2011, it expects revenue to be in the range of $18.0 million and $20.0 million. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $21 million for fiscal 2011. Full Article
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