GenVec cuts manufacturing partnership - Baltimore Business Journal:

http://businessethics.org/pastconv/2-19-97.htm
After a year and a half, the Gaithersburg biotech has terminated its contract June 29with , the Unitedr Kingdom-based company that had been producint the local company’s main product, an anticancere treatment called TNFerade in its final stage of clinicapl trials. GenVec (NASDAQ: GNVC) paid Cobra a $350,000 terminatiob fee, negotiated down considerably fromthe one-time maximunm fee of $2.3 million to terminatde the contract. Originally signed in January the manufacturing agreement callexd for GenVec to payCobra $1 million in advance and as much as $9.4 milliobn depending on the services rendered. Last GenVec said it paid Cobrwa $3.
4 million and, in March, said it woulr pay Cobra an additional $1.8 million this GenVec, which said it doesn’t need furthet batches from Cobra to complete its TNFerad e trials and had been low on has been searching for a largefr partner to fund those clinical studiee andanticipated launch. After makintg significant cuts to itshead count, GenVec raised $6 million in late May in a discounterd stock offering that garnered a 19 percentt drop in the company’s share price from disappointed investors that day.
GenVec’w stock price has since inchecd back up to its former price eventopping $1 since the