Attached files
file | filename |
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8-K - GENVEC INC | v172431_8k.htm |
EX-5.1 - GENVEC INC | v172431_ex5-1.htm |
EX-1.1 - GENVEC INC | v172431_ex1-1.htm |
EX-4.1 - GENVEC INC | v172431_ex4-1.htm |
EX-10.1 - GENVEC INC | v172431_ex10-1.htm |
|
65
West Watkins Mill Road
Gaithersburg,
Md. 20878
Tel: 240-632-0740
Fax: 240-632-0735
www.genvec.com
|
FOR
IMMEDIATE RELEASE:
Investor
Contact:
GenVec,
Inc.
Danielle
M. DiPirro
(301)
944-1877
ddipirro(@)genvec.com
|
Media
Contact:
Tiberend
Strategic Advisors, Inc.
Andrew
Mielach
(212)
827-0020
amielach@tiberendstrategicadvisors.com
|
GENVEC
ANNOUNCES REGISTERED OFFERING OF
$28
MILLION IN COMMON STOCK AND WARRANTS
GAITHERSBURG, MD – January 27,
2010 – GenVec, Inc. (NASDAQ: GNVC) announced today that it has entered into
purchase agreements with certain institutional investors for the sale of
14,000,000 shares of its common stock and warrants to purchase 4,200,000 shares
of its common stock. The shares of common stock and warrants are being offered
in units consisting of one share of common stock and 0.30 warrants to purchase
one share of common stock at a price of $2.00 per unit. The warrants have a term
of five years and an exercise price of $2.75 per share.
The gross
proceeds of the offering are expected to be $28.0 million and net proceeds,
after deducting the placement agent's fee and estimated offering expenses
payable by GenVec, are expected to be approximately $26.2 million. Roth Capital
Partners, LLC and Merriman Curhan Ford & Co. (NASDAQ:MERR) acted as
placement agents in this transaction.
GenVec
will use proceeds from the offering for further development of its lead clinical
program, TNFeradeTM, and
other general corporate purposes. The offering is expected to close on or about
February 1, 2010, subject to the satisfaction of customary closing
conditions.
"GenVec
intends to use the proceeds from this offering to complete the development of
TNFerade through the filing of a Biological License Application (BLA) for
TNFerade's use in locally advanced pancreatic cancer, which the Company
anticipates will take place in 2012," commented Douglas J. Swirsky, GenVec's
Senior Vice President and Chief Financial Officer.
The
securities described above are being offered by GenVec pursuant to a
registration statement previously filed and declared effective by the Securities
and Exchange Commission. A prospectus supplement related to the offering will be
filed with the Securities and Exchange Commission (SEC). Copies of the
prospectus supplement and accompanying base prospectus relating to this offering
may be obtained at the SEC's website at www.sec.gov or from Roth
Capital Partners, LLC by email to rothecm@roth.com or by mail to
at 24 Corporate Plaza, Newport
Beach, CA 92660. This announcement is neither an offer to sell nor a
solicitation of an offer to buy any of our common stock. No offer, solicitation,
or sale will be made in any jurisdiction in which such offer, solicitation, or
sale is unlawful.
About
GenVec
GenVec,
Inc. is a biopharmaceutical company developing novel therapeutic drugs and
vaccines. GenVec's lead product, TNFeradeTM, is
currently in a pivotal clinical study (PACT) in locally advanced pancreatic
cancer. TNFerade has also been and is currently being evaluated for its
potential use in the treatment of several other cancers, including esophageal
cancer, rectal cancer, and head and neck cancer. GenVec also uses its
proprietary adenovector technology to develop vaccines for infectious diseases
including influenza, HIV, malaria, foot-and-mouth disease, respiratory syncytial
virus (RSV), and HSV-2. Additional information about GenVec is available at
www.genvec.com and in the
company's various filings with the Securities and Exchange
Commission.
This press release contains
forward-looking statements subject to risks and uncertainties that may cause
actual results to differ materially from those anticipated, including whether
the offering will close
as expected on February 1, 2010, if at all, any unanticipated costs and
expenses related to the
offering, the Company's ability to file a Biological License Application
in 2012, or at all, and
other risks detailed from time to time in GenVec's filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the year ended December 31, 2008,
and other documents subsequently filed with or furnished to the Commission, 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.
###