GenVec teams with Novartis to develop hearing-loss product.
The Washington Post (1/20, Musgrove) reports Maryland-based drugmaker GenVec "announced Tuesday that it has inked a deal with Swiss drugmaking giant Novartis to license its early-stage work aimed at reversing hearing loss." According to the agreement, "Novartis will acquire $2 million of GenVec's stock and will pay the biotech company an initial $5 million to take over research and development of a potential hearing-loss remedy." For now, the company is said to be focusing on its pancreatic cancer-treatment product TNFerade, which the FDA granted "orphan drug" status last November.
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