Another milestone for GenVec in hearing and balance collaboration

US biotech firm GenVec (Nasdaq: GNVC) says it has achieved the third milestone in its collaboration with Swiss drug major Novartis (NOVN: VX) for the development of treatments for hearing and balance disorders.

In January 2014, Novartis filed an Investigational New Drug application with the Food and Drug Administration for the clinical development of CGF166, the lead product candidate under the collaboration. The IND was deemed effective on February 7, 2014 and this triggered a $2 million milestone payment to GenVec under the terms of the accord (The Pharma Letters January 20 and August 9, 2010).

"Hearing loss and balance disorders negatively impact the lives of millions of people worldwide, and CGF166 represents a novel approach to bringing relief to this population," said Douglas Brough, GenVec's chief scientific officer, adding: "We look forward to studying this product candidate in the clinic and finding out more about its potential."