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GenVec Announces Registered Offering of $6 Million in Common Stock and Warrants
Date:5/28/2009

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: http://www.newscom.com/cgi-bin/prnh/20081205/DC50112LOGO )

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
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SOURCE GenVec, Inc.
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