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Banned
GenVec, Inc. (Nasdaq:GNVC) rose after the bell today after the company announced that it has engaged Wells Fargo Securities, LLC to conduct a comprehensive review of strategic alternatives aimed at enhancing shareholder value.
Shares of GenVec have been under pressure since March of this year after the company halted a Phase III study of its experimental cancer drug TNFerade. GenVec indicated at that time that the drug would not meet trial goals as a treatment for prostate cancer. The company instead has focused its efforts on its vaccine initiatives including its partnership with Swiss drugmaker Novartis AG with whom it is developing treatments for hearing loss. GenVec has yet to determine any future applications for TNFerade.
Shares of GenVec closed at 51 cents on Tuesday and rose as high as 60 cents in the after hours session, finally settling at 58 cents, more than 13% higher than Tuesdy’s closing price.
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