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GenVec Board Restructures Operations and Withdraws Plan of Dissolution
Date:9/4/2013

GAITHERSBURG, Md., Sept. 4, 2013 /PRNewswire/ -- GenVec, Inc. (NASDAQ: GNVC) today announced that its Board of Directors withdrew the Plan of Complete Liquidation and Dissolution for the Company previously adopted on May 24, 2013.  The Company also announced that it will pursue a strategy focused on maximizing the value of its technology and assets, including its collaboration with Novartis to develop novel treatments for hearing loss.

In connection with this new operating plan, Cynthia Collins, President and Chief Executive Officer, has departed the Company and resigned as a member of its Board of Directors. Douglas J. Swirsky, who has served as GenVec's Senior Vice President and Chief Financial Officer since 2006, has been named as the Company's President and Chief Executive Officer and has been appointed to the Company's Board of Directors. 

"Under the leadership of Ms. Collins, GenVec has substantially reduced its operating costs over the past several months. GenVec's decision to withdraw its plan of dissolution is a result of our increased confidence that milestones in our collaborations can be realized and our ability to bring our expenditures in line with our resources," noted Mr. Swirsky.  "Not including potential milestone payments from Novartis, we have cash, cash equivalents and investments to fund our operations through at least the end of 2014.  Over the last several months, since the Board approved the plan of dissolution, we have received a number of proposals purported to maximize the value of GenVec's assets.  While we have pursued several of the opportunities that we viewed as potentially viable, they were ultimately not appropriate for any number of reasons, including lack of sufficient funding, or inadequate recognition of the value of
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SOURCE GenVec, Inc.
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