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