GenVec Inc. generated $12.4 million in a privateplacement, bringing the total amount of money raisedfrom venture capital groups to $30 million since theprivately held gene therapy company was formed twoyears ago.
Rockville, Md.-based GenVec is developing in vivo genetherapy techniques to treat cystic fibrosis, cancer,cardiovascular diseases and nervous system disorders.
The $12.4 million private financing was led by CITGroup/Venture Capital, of New York, and Connecticut-based Canaan Partners. Also participating were theMichigan Pension Fund and CIP Capital, of Philadelphia.
With funds from the private placement, which GenVecsaid was oversubscribed, and $8.7 million from aNovember 1994 financing, the company said it hadsufficient cash to support its programs "well into 1997."
GenVec's most advanced product is an adenoviral vectorgene therapy in Phase I/II trials for cystic fibrosis.Development is being conducted under a collaborationwith South San Francisco-based Genentech Inc., whichhas an equity stake in GenVec.
Steven Mayer, GenVec's chief financial officer, said thecystic fibrosis studies are expected to be complete in thefirst half of 1997.
GenVec has another adenovirus-based gene therapyprogram aimed at treating liver metastases of coloncancer. Last month the Recombinant DNA AdvisoryCommittee of the National Institutes of Health approvedthe trials and now the company is preparing aninvestigational new drug application to get the FDA'spermission to proceed.
GenVec also is developing gene therapies to treatcardiovascular diseases and nervous system disorders. _Charles Craig
(c) 1997 American Health Consultants. All rights reserved.