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GenVec Inc. (GNVC) Board Votes to Dissolve Company


5/29/2013 10:58:02 AM

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The board of GenVec Inc. has voted to liquidate and dissolve the struggling Gaithersburg biotech, it announced Tuesday in a securities filing. The move follows a string of setbacks for GenVec, which three years ago saw its lead pancreatic cancer drug candidate, TNFerade, fail in late-stage trials. In 2011, longtime CEO Paul Fischer announced his retirement from the company. GenVec posted a net loss for 2012 of $14.1 million, almost twice the amount from the year before.

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