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

GenVec.  During this time, we have grown more confident in the success of our hearing loss program.  We, therefore, believe that shareholders are best served by preserving the Company's hearing loss program and remaining assets within GenVec. In addition, by withdrawing the plan of dissolution, we can also take the time necessary to find licensees or collaborators who assign a reasonable value to our technologies, rather than valuing the technology in the shadow of dissolution."

"On behalf of the Board and everyone at GenVec, I want to thank Cindy for her contributions to the Company over the past 16 months," said Zola Horovitz, Ph.D., Chairman of the Board of Directors. "The Board is confident that this strategy is in the best interest of shareholders and provides the clearest path to value creation."

Following the unanimous approval to withdraw the plan of dissolution and the approval of the operating strategy, directors Edward M. Connor, Jr., M.D., Adel A.F. Mahmoud, M.D., Ph.D., and Kevin M. Rooney resigned from the Company's Board.  The Board now has 5 members.  Dr. Horovitz commented, "We want to thank Drs. Connor and Mahmoud and Mr. Rooney for their service to GenVec's shareholders over the past several years.  Based on the operating strategy, we believe the remaining directors possess the expertise to serve the interests of shareholders while controlling the Company's costs."

Additional information about GenVec is available at www.genvec.com and in the Company's various filings with the Securities and Exchange Commission.

Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding funding, grants, collaborations, revenues, cash burn rates
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SOURCE GenVec, Inc.
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