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GenVec Reports Fourth Quarter and 2010 Year-End Financial Results
Date:3/10/2011

, including the failure by GenVec to secure and maintain relationships with collaborators; risks relating to the early stage of GenVec's product candidates under development; uncertainties relating to research and development activities; risks relating to the commercialization, if any, of GenVec's proposed product candidates; dependence on the efforts of collaborators and third parties; dependence on intellectual property; and risks that we may lack the financial resources and access to capital to fund our operations.  Further information on the factors and risks that could affect GenVec's business, financial conditions and results of operations, are contained in GenVec's filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov.  These forward-looking statements speak only as of the 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)Quarter EndedYear Ended12/31/1012/31/0912/31/1012/31/09(unaudited)Revenues

$5,191$3,355$16,467$13,857Operating expenses:Research and development

4,9205,53020,93624,689General and administrative

1,5262,0708,1527,179Gain on disposal of assets

------(7)Total operating expenses

6,4467,60029,08831,861Operating loss

(1,255)(4,245)(12,621)(18,004)Interest income

11438Interest expense, net

6(66)130(128)Other

244--213(268)Net loss

(1,004)(4,310)$(12,274)$(18,362)Basic and diluted net loss per share

$(0.01)$(0.04)$(0.10)$(0.19)Shares used in computation of basicand diluted net loss per share

129,077106,336126,70997,074GenVec, Inc.Selected Balance Sheet Information(in thousands)As of December 31,20102009Cash, cash equivalents and short-term investments

$35,170$10,961Working capital

31,6897,002Total as
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SOURCE GenVec, Inc.
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