Navigation Links
GenVec Announces Registered Offering of $6 Million in Common Stock and Warrants

GAITHERSBURG, Md., May 28 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC) announced today that it has entered into a purchase agreement with a single institutional investor for the sale of 9,615,385 shares of its common stock and warrants to purchase 9,615,385 shares of its common stock. The shares of common stock and warrants are being offered in units consisting of one share of common stock and a warrant to purchase one share of common stock at a price of $0.624 per unit. The warrants have a term of five years and an exercise price of $0.858 per share.

(Logo: )

The gross proceeds of the offering are expected to be approximately $6.0 million and net proceeds, after deducting the placement agent's fee and estimated offering expenses payable by GenVec, are expected to be approximately $5.5 million. Merriman Curhan Ford (Nasdaq: MERR) acted as exclusive placement agent in this transaction.

GenVec will use proceeds from the offering for further development of its lead clinical program, TNFerade(TM), and other general corporate purposes. The offering is expected to close on or about May 29, 2009, subject to the satisfaction of customary closing conditions.

The securities described above are being offered by GenVec pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. A prospectus supplement related to the offering will be filed with the Securities and Exchange Commission (SEC). Copies of the prospectus supplement and accompanying base prospectus relating to this offering may be obtained at the SEC's website at or from Merriman Curhan Ford & Co. at 135 East 57th Street, 24th Floor, New York, NY 10022, by calling (646) 292-1425 or by emailing This announcement is neither an offer to sell nor a solicitation of an offer to buy any of our common stock. No offer, solicitation, or sale will be made in any jurisdiction in which such offer, solicitation, or sale is unlawful.

About GenVec

GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec's lead product, TNFerade(TM), is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer. TNFerade has also been and is currently being evaluated for its potential use in the treatment of several other cancers, including esophageal cancer, rectal cancer, and head and neck cancer. GenVec also uses its proprietary adenovector technology to develop vaccines for infectious diseases including HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. Additional information about GenVec is available at and in the company's various filings with the Securities and Exchange Commission.

This press release contains forward-looking statements subject to risks and uncertainties that may cause actual results to differ materially from those anticipated, including whether the offering will close as expected on May 29, 2009, if at all, any unanticipated costs and expenses related to the offering, and other risks detailed from time to time in GenVec's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2008, and other documents subsequently filed with or furnished to the Commission, which are available at These forward-looking statements speak only as of the date of this press release, and GenVec assumes no duty to update forward-looking statements.

SOURCE GenVec, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. Medivation Announces Pricing of Public Offering
2. Angiotech Pharmaceuticals announces FDA approval of next-generation TAXUS(R) Liberte(R) Atom(TM) Stent system
3. Intarcia Therapeutics, Inc. Announces Acceptance of ITCA 650 Phase 1b Study for Late-Breaker Presentation at the American Diabetes Association 69th Scientific Sessions
5. Accumetrics, Inc. Announces European Distribution Channels for France, Austria, Switzerland, Netherlands, Belgium and Luxembourg
6. Oncothyreon announces closing of $11.1 million registered direct financing
7. Gene Network Sciences Announces Broad Cancer Collaboration With UCSF and Initial Results
8. RSCI Announces World-Leading Stem Cell Science Advisory Board
9. TED Conferences Announces 25 TED Fellows for TEDGlobal in Oxford
10. Simcere Pharmaceutical Group Announces Agreement to Acquire 37.5% Stake in Jiangsu Yanshen Biological Technology Stock Co., Ltd.
11. Beactica Announces Drug Discovery Agreement With Cubist Pharmaceuticals
Post Your Comments:
(Date:11/25/2015)... ... November 25, 2015 , ... A long-standing ... Aerospace Professionals (OPBAP) has been formalized with the signing of a Memorandum of ... with OPBAP leaders Capt. Karl Minter and Capt. Albert Glenn Tuesday, November 24, ...
(Date:11/25/2015)... PORTLAND, Oregon , November 25, 2015 /PRNewswire/ ... Deep Market Research Report is a professional and ... Genomics industry.      (Logo: ... basic overview of the industry including definitions, classifications, ... analysis is provided for the international markets including ...
(Date:11/24/2015)... KUALA LUMPUR, Malaysia , Nov. 24, 2015 ... the global contract research organisation (CRO) market. The ... to result in lower margins but higher volume ... With increased capacity and scale, however, margins in ... Contract Research Organisation (CRO) Market ( ...
(Date:11/24/2015)... Nov. 24, 2015 Cepheid (NASDAQ: CPHD ... at the following conference, and invited investors to participate ...      Tuesday, December 1, 2015 at 11.00 a.m. ...      Tuesday, December 1, 2015 at 11.00 a.m. ... New York, NY      Tuesday, December ...
Breaking Biology Technology:
(Date:11/12/2015)... LONDON , Nov. 11, 2015   ... and reliable analytical tools has been paving the ... and qualitative determination of discrete analytes in clinical, ... sensors are being predominantly used in medical applications, ... and environmental sectors due to continuous emphasis on ...
(Date:11/9/2015)... SAN JOSE, Calif. , Nov. 9, 2015 /PRNewswire/ ... of human interface solutions, today announced broader entry into ... of vehicle-specific solutions that match the pace of consumer ... drivers, and biometric sensors are ideal for the automotive ... the vehicle. Europe , ...
(Date:10/29/2015)... 29, 2015 Daon, a global leader in ... released a new version of its IdentityX Platform ... North America have already installed IdentityX v4.0 ... a FIDO UAF certified server component as ... activate FIDO features. These customers include some of the ...
Breaking Biology News(10 mins):