GenVec cuts manufacturing partnership - bizjournals:

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After a year and a half, the Gaithersburf biotech has terminated its contract June 29with , the Unitedx Kingdom-based company that had been producing the localp company’s main product, an anticancere treatment called TNFerade in its final stage of clinicaol trials. GenVec (NASDAQ: paid Cobra a $350,000 termination fee, negotiated down considerabl y fromthe one-time maximum fee of $2.3 million to terminate the Originally signed in January 2008, the manufacturing agreement callec for GenVec to pay Cobra $1 million in advancde and as much as $9.4 millio n depending on the services Last year, GenVec said it paid Cobra $3.
4 millionj and, in March, said it would pay Cobrsa an additional $1.8 million this year. GenVec, which said it doesn’rt need further batches from Cobra to complete its TNFerade trials and had been low on has been searching for a larger partner to fund thosew clinical studies andanticipated launch. Afted making significant cuts to its head GenVecraised $6 milliom in late May in a discounted stock offering that garnerex a 19 percent drop in the company’s sharre price from disappointed investors that day. GenVec’x stock price has since inchefd back up to its formerprice levels, even topping $1 sincer the offering.