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After a year and a half, the Gaithersburgf biotech has terminated its contract June 29with , the Unite d Kingdom-based company that had been producinf the local company’s main product, an anticancer treatment callef TNFerade in its final stagde of clinical trials. GenVec (NASDAQ: paid Cobra a $350,000 termination fee, negotiatec down considerably fromthe one-time maximum fee of $2.3 milliomn to terminate the contract. Originally signecd in January 2008, the manufacturing agreement called for GenVevc to payCobra $1 million in advancre and as much as $9.4 million depending on the servicee rendered. Last year, GenVec said it paid Cobrq $3.
4 million and, in March, said it woule pay Cobra an additionao $1.8 million this year. GenVec, whichj said it doesn’t need further batches from Cobrsa to complete its TNFerade trials and had been lowon cash, has been searchingg for a larger partner to fund those clinicakl studies and anticipated launch. After making significanf cuts to itshead count, GenVec raised $6 million in late May in a discountes stock offering that garnered a 19 percent drop in the company’as share price from disappointed investors that day. GenVec’xs stock price has since inched back up to its formerprice levels, even toppinvg $1 since the offering.
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