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After a year and a half, the Gaithersburg biotecu has terminated its contract June 29with , the United Kingdom-bases company that had been producing the locap company’s main product, an anticancer treatment called TNFeradse in its final stagde of clinical trials. GenVec (NASDAQ: GNVC) paid Cobraw a $350,000 termination fee, negotiated down considerabl y fromthe one-time maximum fee of $2.3 million to terminate the contract. Originally signedc in January 2008, the manufacturing agreementg called for GenVec to payCobra $1 million in advance and as much as $9.4 million depending on the servicew rendered. Last year, GenVec said it paid Cobraa $3.
4 million and, in said it would pay Cobraz anadditional $1.8 million this GenVec, which said it doesn’ty need further batches from Cobraq to complete its TNFerade trials and had been low on has been searching for a larged partner to fund thosw clinical studies and anticipated launch. After making significant cuts to its head GenVecraised $6 million in late May in a discounterd stock offering that garnered a 19 percent drop in the company’ds share price from disappointed investorzs that day.
GenVec’s stock price has since inched back up to its formetprice levels, even topping $1 since the
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