August 25, 2009 - Shares of GenVec Inc. (GNVC) are set to open 10% higher in pre market as the company will be receiving a 2.5 million grant.
GenVec, Inc. (Nasdaq: GNVC) announced today that it has received a Phase 2 Small Business Innovation and Research (SBIR) grant from the National Institute of Allergy and Infectious Diseases (NIAID) of the National Institutes of Health (NIH) to support the development of GenVec’s vector production technology.
Funds from this grant, valued at approximately $2.5 million over three years, will be used to support the development of novel cell lines capable of producing vaccine vectors based on different human serotype groups and encoding inhibitory antigens.
“This important grant will support work to advance our cell line technology and enhance GenVec’s ability to discover and develop new adenovector-based vaccines and therapeutics,” said Dr. Doug Brough, GenVec’s Executive Director of Vector Sciences. Press Release
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