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GenVec Receives NASDAQ Notice of Minimum Bid Price Non-Compliance
Date:9/16/2009

GAITHERSBURG, Md., Sept. 16 /PRNewswire-FirstCall/ -- On September 15, 2009, GenVec, Inc. (Nasdaq: GNVC) received a notice from The NASDAQ Stock Market stating that the minimum bid price of the Company's common stock was below $1.00 per share for 30 consecutive business days and that the Company was therefore not in compliance with Marketplace Rule 5450(a)(5). The notification letter has no effect at this time on the listing of the Company's common stock on The NASDAQ Global Market. GenVec's common stock will continue to trade on The NASDAQ Global Market under the symbol GNVC.

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The notification letter states that GenVec will be afforded 180 calendar days, or until March 15, 2010, to regain compliance with the minimum closing bid price requirement. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for at least ten consecutive business days. NASDAQ may, in its discretion, require the Company's common stock to maintain a bid price of at least $1.00 per share for a period in excess of ten consecutive business days, but generally no more than 20 consecutive business days, before determining that the Company has demonstrated an ability to maintain long-term compliance.

If the Company does not regain compliance by March 15, 2010, NASDAQ will provide written notification to the Company that the Company's common stock will be delisted. At that time, the Company may appeal NASDAQ's delisting determination to a NASDAQ Listing Qualifications Panel. Alternatively, the Company could apply to transfer its common stock to The NASDAQ Capital Mar
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SOURCE GenVec, Inc.
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