By Tess Stynes
GenVec Inc. (GNVC) said the U.S. Department of Agriculture issued a conditional license for its foot-and-mouth vaccine for use in cattle, representing the biopharmaceutical company's first approved product.
Shares were up 26% at $2.98 in light premarket trading. Through Wednesday's close, the stock is down 8.1% over the past three months.
GenVec also licensed the rights to develop and commercialize the vaccine technology to Sanofi SA's (SNY) Merial animal health division.
The Agriculture Department issued the conditional license to Antelope Valley Bios Inc., which manufactured the vaccine under a contract with GenVec.
"This achievement demonstrates GenVec's ability to bring its technology through the regulatory review process and validates the utility of our core technology to make effective genetic vaccines," said Bryan Butman, head of GenVec's foot-and-mouth disease program. The vaccine was developed in collaboration with a branch of the government's Plum Island Animal Disease Center.
Under the conditional license, the vaccine may be distributed with the authorization of federal emergency management officials within the Agriculture Department in the event of an emergency, limited market or other special circumstances.
Write to Tess Stynes at Tess.Stynes@dowjones.com