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news.GenVec, a biopharmaceutical company, has achieved the second milestone in its collaboration with Novartis, concerning the development of treatments for hearing loss and balance disorders.
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The completion of preclinical development activities have triggered the milestone.
GenVec entered into a worldwide licensing and collaboration agreement with Novartis in January 2010 to discover and develop novel treatments for hearing loss and balance disorders.
As per the deal, if certain clinical, regulatory, and sales milestones are met, GenVec is entitled to receive up to $213.6m, including upfront and milestone payments in addition to royalties on future sales.
GenVec president and CEO Paul Fischer said the milestone reflects the continued advancement of the collaboration and seeks to achieve additional milestones.