GAITHERSBURG, Md., Sept. 23, 2013 /PRNewswire/ -- GenVec, Inc. (NASDAQ: GNVC) today announced that the previously disclosed putative class action lawsuit filed against the Company and certain of its current and former officers (the "Defendants") by the law firm of Brower Piven in the United States District Court for the District of Maryland has been dismissed with prejudice. No payment was made by any of the Defendants to the plaintiffs or their counsel in connection with the lawsuit. The Company does not know whether the plaintiffs will file a Notice of Appeal.
"There are no winners when an experimental therapeutic fails in clinical trials, especially for a challenging and underserved indication such as pancreatic cancer. We are extremely pleased, however, that the Court recognized that the plaintiffs' claims were without merit and granted in full and with prejudice our motion to dismiss," commented Douglas J. Swirsky, President and Chief Executive Officer of GenVec.
"The favorable resolution of this case is timely as we work to transition GenVec from a capital-intensive, product development company to one focused on the cost efficient creation of value through the licensing of our proprietary vector and cell line technologies," added Mr. Swirsky.
GenVec and the individual defendants are represented by Hogan Lovells US LLP.
GenVec is a biopharmaceutical company working with leading companies and organizations such as Novartis, Merial, and the U.S. Government to leverage its proprietary gene-delivery technologies to address the prevention and treatment of a number of significant human and animal health concerns. Additional information about GenVec is available at www.genvec.com and in the Company's various filings with the Securities and Exchange Commission.
Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including with respect to the transition of the Company's business focus, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. GenVec cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, such as the failure of Novartis to advance GenVec's hearing loss program, including into human clinical trials. Further information on the factors and risks that could affect GenVec's business, financial conditions and results of operations, are contained in GenVec's filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. These forward-looking statements speak only as of the date of this press release, and GenVec assumes no duty to update forward-looking statements.
SOURCE GenVec, Inc.