GenVec Inc. Completes Previously Announced Sale Of Myoblast Cell Therapy Program

GAITHERSBURG, Md.--(BUSINESS WIRE)--Dec. 29, 2005--GenVec, Inc. (NASDAQ:GNVC) announced today the sale of its myoblast cell therapy program to Mytogen, Inc., a newly-formed private biotechnology company specializing in the development of cell therapy products, in exchange for potential future milestone and royalty payments to GenVec. In October GenVec announced its intention to sell the myoblast program in order to focus its resources on the development of its core product candidates. Mytogen will acquire the assets and technology that had supported this program and retain the majority of employees who managed it. Mytogen will also sub-lease a portion of the current program facility in Charlestown, Massachusetts, which is expected to continue to provide cells and clinical supplies necessary to finish the ongoing investigator-sponsored myoblast clinical trial at the Arizona Heart Institute.

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