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After a year and a the Gaithersburg biotech has terminated its contract June 29with , the Unitefd Kingdom-based company that had been producing the localo company’s main product, an anticancedr treatment called TNFerade in its finaol stage of clinical trials. GenVec (NASDAQ: GNVC) paid Cobra a $350,000 termination fee, negotiated down considerably fromthe one-time maximum fee of $2.3 million to terminate the Originally signed in January 2008, the manufacturingf agreement called for GenVecd to pay Cobra $1 milliomn in advance and as much as $9.4 millionn depending on the services Last year, GenVec said it paid Cobra $3.
4 millio n and, in March, said it would pay Cobraq an additional $1.8 milliohn this year. GenVec, which said it doesn’t need further batche s from Cobra to complete its TNFerade trials and had been low on has been searching for a largere partner to fund those clinical studies andanticipated launch. Aftere making significant cuts to its head GenVecraised $6 millioh in late May in a discounteed stock offering that garnered a 19 percent drop in the company’d share price from disappointed investors that day.
GenVec’sw stock price has since inched back up to its formereprice levels, even topping $1 since the
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