GenVec hires Wells Fargo to review options including a potential sale, merger, or partnership

GenVec says it is considering strategic options

GAITHERSBURG, Md. — Biopharmaceutical company GenVec Inc. said Tuesday it is considering strategic options including a potential sale or partnership.

The company said it has hired Wells Fargo Securities to help review its options.

In late March, GenVec said it stopped a study of its cancer drug candidate TNFerade after the company said the drug would not meet trial goals as a treatment for prostate cancer. The company said it planned to focus on its vaccine programs and a collaboration with Swiss drugmaker Novartis AG through which it was developing treatments for hearing loss. It said it would review the study data to decide on any future uses for TNFerade.

Shares of GenVec are down 81.9 percent since March 29, when the company announced the stoppage of the TNFerade study. The stock closed at 51 cents on Tuesday and has traded between 43 cents and $3.35 over the last year.