Sep 14 2010
GenVec, Inc. (Nasdaq: GNVC) today announced that it has achieved the first milestone in its collaboration with Novartis (NYSE: NVS), related to the development of treatments for hearing loss and balance disorders. The milestone was triggered by the successful completion of certain preclinical development activities.
"Completion of this milestone signifies progress made in moving the potential product toward clinical development," said Dr. Paul Fischer, GenVec's President and Chief Executive Officer. "The rapid completion of this initial milestone in our collaboration with Novartis validates our strategy to work with the best collaborators in the industry. We look forward to reaching additional milestones with Novartis as the program progresses."