GenVec Ditches Liquidation Plan For Novartis Partnership

Law360, New York (September 4, 2013, 4:18 PM ET) -- Flagging biotech firm GenVec Inc. has scrapped plans to dissolve and liquidate assets amid encouraging prospects for a program to develop new hearing loss treatments in partnership with Novartis AG and successful efforts to trim costs, its board said Wednesday.

As part of its new operating strategy, an about-face from the liquidation plan unveiled in late May, the Maryland company also announced a leadership shakeup. GenVec President and CEO Cynthia Collins resigned and gave up her board seat, making way for Douglas Swirsky, the company's senior...
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