United states : GenVec inks $22M deal with SAIC-Frederick.Byline: Mamta03 GenVec Inc. will see more revenue as a result of a new vaccine development contract with SAIC-Frederick. Under the four-year contract, which has a total potential value of over $22 million, the Gaithersburg biotech (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : GNVC) will develop influenza and HIV vaccines. The vaccines will support the Vaccine Research Center of the National Institute of Allergy and Infectious Diseases infectious diseases: see communicable diseases. , which is part of the National Institutes of Health. Over the next year, GenVec will get approximately $2.6 million, it said in a statement. SAIC-Frederick is a subsidiary of McLean-based Science Applications International Corp. Given the heightened concerns about influenza, this contract is timely and we look forward to applying our novel technology to this problem, said Paul Fischer, GenVec s president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . In particular, we are looking forward to working on a universal flu vaccine, which has the potential to protect against seasonal and pandemic pandemic /pan·dem·ic/ (pan-dem´ik) 1. a widespread epidemic of a disease. 2. widely epidemic. pan·dem·ic adj. Epidemic over a wide geographic area. n. outbreaks. GenVec has been winning a string of recent federal and nonprofit contracts and, since May, has raised millions of dollars from stock sales. In September, GenVec s HIV vaccine production contract with the NIH "Not invented here." See digispeak. NIH - The United States National Institutes of Health. was extended for the fourth year, bringing the company $2.3 million in additional revenue. The company heard other good news this week: On Wednesday the U.S. Food and Drug Administration granted orphan drug orphan drug, drug developed under the U.S. Orphan Drug Act (1983) to treat a disease that affects fewer than 200,000 people in the United States. The orphan drug law offers tax breaks and a seven-year monopoly on drug sales to induce companies to undertake the designation to GenVec s lead anti-cancer product. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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