Skip to main content
Publish date:

GenVec Signs Government Pact

The deal could be worth $52 million.

GenVec

(GNVC)

received a new government contract, potentially worth $52 million, to support the development of an HIV vaccine.

Under the five-year deal, GenVec would receive the funds to support the transfer of its vaccine manufacturing and purification processes to the Dale and Betty Bumpers Vaccine Research Center plant in Frederick, Md.

TheStreet Recommends

With another contract, GenVec has produced an HIV vaccine, currently in clinical testing, through its contract manufacturer, Molecular Medicine BioServices. Data from recent studies have shown that the vaccine is well tolerated and, under certain circumstances, elicits a response from the immune system and disease-fighting antibodies.

GenVec's shares rose 20 cents, or 18.4%, to $1.29 Thursday.