GenVec Withdraws Plan Of Liquidation And Dissolution;CEO Cynthia Collins Departs

(RTTNews) - GenVec Inc. (GNVC) announced that its board withdrew the Plan of Complete Liquidation and Dissolution for the company previously adopted on May 24, 2013. The company also announced that it will pursue a strategy focused on maximizing the value of its technology and assets, including its collaboration with Novartis to develop novel treatments for hearing loss.

In connection with this new operating plan, Cynthia Collins, President and Chief Executive Officer, has departed the company and resigned as a member of its Board of Directors.

Douglas Swirsky, who has served as GenVec's Senior Vice President and Chief Financial Officer since 2006, has been named as the Company's President and Chief Executive Officer and has been appointed to the Company's Board of Directors.

Following the unanimous approval to withdraw the plan of dissolution and the approval of the operating strategy, directors Edward Connor, Jr., Adel A.F. Mahmoud, and Kevin Rooney resigned from the Company's Board. The Board now has 5 members, the company said.