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GNVC > SEC Filings for GNVC > Form 8-K on 26-Feb-2014All Recent SEC Filings

Show all filings for GENVEC INC

Form 8-K for GENVEC INC


26-Feb-2014

Other Events


Section 8.01 Other Events.

On February 13, 2014, GenVec, Inc. (the "Company") announced that the third milestone had been achieved under the terms of its Research and Collaboration and License Agreement with Novartis for the development of treatments for hearing and balance disorders. This milestone was the non-rejection of the investigational new drug application, or IND, by the U.S. Food and Drug Administration (FDA), for CGF166, the lead product candidate that is the subject of the collaboration. The non-rejection of an IND by FDA is generally required prior to commencing clinical trials with an experimental pharmaceutical or biological product in the United States. As a result of the IND being cleared, the Company expects Novartis to commence dosing patients with CGF166 within the first half of 2014. As previously announced, GenVec is entitled to a $2 million milestone payment for the non-rejection of the IND. Upon the dosing of the first patient with CGF166, the Company will be entitled to receive a $3 million milestone payment from Novartis. These two milestone payments constitute the $5 million of near-term milestones previously referred to by the Company as reasonably anticipated being earned prior to June 30, 2014.

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