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Pfizer to Continue Working With GenVec on Research.

GAITHERSBURG, Md.--Pfizer Inc. has agreed to continue a collaboration established by its newly acquired Warner-Lambert unit with GenVec Corp.

GenVec has already received $54 million based on developments with Biobypass, its blood vessel growth stimulator and gene therapy drug designed to bypass clogged arteries and prevent coronary artery disease and peripheral vascular disease.

It could now receive an additional $47 million in milestone and equity payments as development of Biobypass progresses.

"The trials are moving ahead as planned, so we're very encouraged," says Jeffrey Church, chief financial officer.

"The focus is now on clinical development."

No target date has been established for bringing the innovative product to market, but industry analysts do not expect an entry before 2005.

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Title Annotation:drug research
Comment:Pfizer to Continue Working With GenVec on Research.(drug research)
Publication:Chain Drug Review
Article Type:Brief Article
Geographic Code:1USA
Date:Feb 26, 2001
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