Genvec Inc. ‘gapped’ to the downside on Tuesday’s session after the company released bearish news the evening prior:
“GAITHERSBURG, Md., March 29 /PRNewswire-FirstCall/ –GenVec, Inc. (Nasdaq: GNVC) announced today that it is discontinuing its Phase 3 clinical trial of TNFerade™ in patients with locally advanced pancreatic cancer based on results of an interim analysis. This interim analysis of overall survival, conducted after the 184th death (two-thirds of total expected events), was designed to determine whether the study should continue.
GenVec has determined, after conferring with its independent Data Safety Monitoring Board, that the PACT trial would not meet the goal of demonstrating persuasive evidence of clinical effectiveness that could form the basis for regulatory approval in the population chosen for study. This randomized, controlled trial compared treatment with TNFerade (in combination with standard of care (SOC)) to SOC alone in patients with locally advanced pancreatic cancer.
These interim data demonstrated an approximately 8% lower risk of death in the TNFerade plus SOC arm relative to the SOC alone (hazard ratio= 0.921; 95% Confidence Interval [0.678 –1.252]). Accordingly, these data strongly suggest the trial will not achieve the statistical significance required to form the basis for approval of a biological license application in the population chosen for study, thereby warranting discontinuing the trial.
The Company is in the process of notifying the investigators and regulatory agencies of the discontinuation of the PACT trial.”
The price found support at $0.71, a mark that had previously adopted a ‘supporting role’ and preceded a rally in price. While the market continues to adjust to recent developments, traders will be watching for key signals and price movement… To view Technical analysis Video on GenVec (NASDAQ: GNVC) visit