GAITHERSBURG, Md., Nov. 2 /PRNewswire/ -- GenVec, Inc. (Nasdaq: GNVC) announced today that it was awarded a cash grant of approximately $244,479 under the U.S. Government’s Qualifying Therapeutic Discovery Project (“QTDP”) program.
The QTDP was created by Congress in March 2010 as part of the Patient Protection and Affordable Care Act and provides a tax credit or grant equal to 50% of eligible costs and expenses for tax years 2009 and 2010. The Department of Treasury further allocated these credits and grants among qualified applicants since the program was oversubscribed. The Company submitted and received a grant for its oncology program, TNFerade.
About GenVec
GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec uses proprietary drug discovery and development technologies to support a portfolio of product programs that address the prevention and treatment of a number of major diseases. In collaboration with Novartis, GenVec is developing novel treatments for hearing loss and balance disorders. GenVec also develops and is evaluating the potential of TNFerade for the treatment of certain cancers and is developing vaccines for infectious diseases including influenza, HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. Additional information about GenVec is available at www.genvec.com and in the Company’s various filings with the Securities and Exchange Commission.
Contact: | |
GenVec, Inc. | |
Douglas J. Swirsky | |
(240) 632-5510 | |
SOURCE GenVec, Inc.
