GenVec (NASDAQ:GNVC) surged in morning trade after announcing a new collaborative deal with animal healthcare company Merial in developing and commercializing technology used to produce foot-and-mouth disease vaccines.
Merial, which will be responsible for all costs related to the development and commercialization, is the world’s leading producer of food-and-mouth disease vaccines.
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"Merial sees great potential for GenVec's technology to positively impact the way that animal vaccines are produced and developed,” said Robert Nordgren, global head of Merial's bio research and development.
The vaccine utilizes GenVec’s proprietary adenovector technology and is manufactured on a proprietary GenVec cell line that is capable of producing antigens without the use of the highly contagious virus.
GenVec, a novel drug and vaccine maker, will receive development milestone and royalties on sales.