GenVec Appoints Cynthia Collins as President and CEO
GAITHERSBURG, Md., May 21, 2012 /PRNewswire/ -- GenVec, Inc. (NASDAQ: GNVC) today announced that effective May 23, 2012 Cynthia Collins has been appointed as President and Chief Executive Officer. In addition, Ms. Collins is expected to be appointed to the Board of Directors of GenVec. Effective upon Ms. Collins' appointment, Paul H. Fischer, Ph.D. will step down as GenVec's President and CEO and as a member of the Board. As announced in December, Dr. Fischer is retiring, having served as GenVec's President and CEO since 1996.
Ms. Collins previously served as Group Vice President, Cellular Analysis Business of Beckman Coulter from 2007 to until its sale in 2011. Prior to joining Beckman Coulter, Ms. Collins served as Chief Executive Officer of Sequoia Pharmaceuticals, Inc., a private biotechnology company developing antiviral drugs. Prior to joining Sequoia Pharmaceuticals, Ms. Collins served as President of Clinical Micro Sensors, Inc., a wholly owned subsidiary of Motorola where she directed the development and commercialization of molecular diagnostic microarray products and led the eventual strategic divestiture of the division. Before Motorola, she spent over 17 years at Baxter Healthcare in a variety of executive roles, including President of Global Oncology and Vice President of Strategy and Portfolio Management of BioScience. Prior to joining Baxter Healthcare, she worked six years with Abbott Laboratories in a series of operational assignments.
"Cindy brings to the company substantial business, strategic, and leadership experience within the health care industry and we are pleased to welcome her as GenVec's President and CEO," said Zola P. Horovitz, Ph.D, Chairman of the Board of Directors of GenVec. "This transition will allow the organization to build on the strong scientific and financial foundation that the Company has developed under Dr. Fischer's leadership."
"I am excited to be joining GenVec at this very important time in the Company's history," said Cynthia Collins. "I look forward to working with the Board and the rest of the management team to maximize the value of our product pipeline and related technologies. GenVec's novel treatment for hearing loss and balance disorders, partnered with Novartis AG, is on its path towards the commencement of human clinical trials and we will work together to see that our human and animal vaccine programs continue to progress. We will also continue the sound strategy of partnering selected programs to maintain GenVec's strong financial position."
Ms. Collins received her undergraduate degree in microbiology in 1980 from the University of Illinois and her Masters in Business Administration from the University of Chicago Graduate School of Business in 1988.
GenVec is a biopharmaceutical company using differentiated, proprietary technologies to create superior therapeutics and vaccines. A key component of our strategy is to develop and commercialize our product candidates through collaborations. GenVec is working with leading companies and organizations such as Novartis, Merial, and the U.S. Government to support a portfolio of product programs that address the prevention and treatment of a number of significant human and animal health concerns. GenVec's development programs address therapeutic areas such as hearing loss and balance disorders; as well as vaccines against infectious diseases including respiratory syncytial virus (RSV), herpes simplex virus (HSV), dengue fever, malaria, and human immunodeficiency virus (HIV). In the area of animal health we are developing vaccines against foot-and-mouth disease (FMD). Additional information about GenVec is available at www.genvec.com and in the Company's various filings with the Securities and Exchange Commission.
Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding funding, grants, collaborations, revenues, cash burn rates, the development of products and the success of the Company's collaborations, including with Novartis and Merial, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. GenVec cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by GenVec to secure and maintain relationships with collaborators; risks relating to the early stage of GenVec's product candidates under development; uncertainties relating to research and development activities; risks relating to the commercialization, if any, of GenVec's proposed product candidates; dependence on the efforts of collaborators and third parties; dependence on intellectual property; currently unanticipated expenses, and risks that we may lack the financial resources and access to capital to fund our operations. Further information on the factors and risks that could affect GenVec's business, financial conditions and results of operations, are contained in GenVec's filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. These forward-looking statements speak only as of the date of this press release, and GenVec assumes no duty to update forward-looking statements.
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