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GenVec Announces Registered Offering of $6 Million in Common Stock and Warrants
Date:8/27/2009

GAITHERSBURG, Md., Aug. 27 /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 8,000,000 shares of its common stock and warrants to purchase 4,000,000 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 0.50 warrants to purchase one share of common stock at a price of $0.75 per unit. This represents a discount of approximately 8.3% to the closing price of GenVec common stock on August 26, 2009. The warrants have a term of five years and an exercise price of $0.828 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 $5.6 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 August 31, 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 Ex
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SOURCE GenVec, Inc.
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