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GenVec, Inc. (Nasdaq: GNVC) today announced that it has completed its registered direct offering of 9,609,757 shares of its common stock at a price of $2.05 per share to selected institutional investors. Rodman & Renshaw, LLC acted as the exclusive placement agent and Ferris Baker Watts acted as a financial advisor in connection with this transaction. “We are very gratified by the support we have received from institutional investors, and we are pleased to have completed this financing in such a timely manner,” stated Douglas J. Swirsky, GenVec’s chief financial officer. “GenVec is ending the year with a solid financial position and we look forward to making further progress on our clinical development programs in 2007,” added Mr. Swirsky. About GenVec GenVec, Inc. is a biopharmaceutical company developing novel gene-based therapeutic drugs and vaccines. Each of the Company’s therapeutic product candidates uses a common patent-protected technology platform to deliver genes that produce medically beneficial proteins directly at the site of disease. GenVec also uses its proprietary adenovector technology to develop vaccines for infectious diseases including HIV, malaria, seasonal and pandemic flu, and foot and mouth disease. Additional information about GenVec and its portfolio of product candidates is available at www.genvec.com and in the Company’s various filings with the Securities and Exchange Commission. This press release includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially and/or adversely affect actual future results. The risks and uncertainties include the risk that the above described transaction will not close as a result of the failure to meet closing conditions, investors may breach or withdraw their commitment, and until closed there is no assurance that it will close or what the total amount may be, and other risk factors listed or described from time to time in the Company’s filings with the Securities and Exchange Commission including, without limitation, the Company’s most recent filings on Forms 10-K and 8-K. GenVec is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
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