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GenVec Reports First Quarter 2011 Financial Results
Date:5/9/2011

date of this press release, and GenVec assumes no duty to update forward-looking statements.

(Tables to follow)GenVec, Inc.Condensed Statements of Operations(in thousands, except per share data)

(Unaudited)Three Months EndedMarch 31,20112010 Revenues$  5,286

$  2,938Operating expenses:   Research and development

  General and administrative   Total operating expenses5,592

1,922

7,5145,745

1,948

7,693Loss from operationsInterest expense, net of change in fair value of Kingsbridge warrants

OtherNet loss(2,228)12

-$ (2,216)(4,755)87

(31)$ (4,699)Net loss per share – basic and diluted $  (0.17)

$  (0.39)Weighted average shares outstanding - basic and diluted12,914

11,969Presentation gives effect to the Reverse Stock Split, which occurred on April 19, 2011.GenVec, Inc.Selected Balance Sheet Information(in thousands)March 31,2011(Unaudited)

December 31,2010Cash and investments

$33,124

$35,170Working capital

29,799

31,689Total assets

37,559

39,432Stockholders' equity

30,619

32,420Investor and Media Contact:
GenVec, Inc.
Douglas J. Swirsky
(240) 632-5510
dswirsky@genvec.com


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SOURCE GenVec, Inc.
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