January 28, 2010 (FinancialWire) — GenVec, Inc. (NASDAQ: GNVC) said it has entered into purchase agreements with certain institutional investors for the sale of 14 million shares of its common stock and warrants to purchase 4.2 million shares of its common stock.

GenVec said it will see gross proceeds of $28.0 million and net proceeds of around $26.2 million. Roth Capital Partners, LLC and Merriman Curhan Ford & Co. (NASDAQ: MERR) acted as placement agents in this transaction.

 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.

GenVec said it will use proceeds from the offering for further development of its lead clinical program, TNFerade, and other general corporate purposes.

The offering is scheduled to close on or about February 1, 2010, subject to the satisfaction of customary closing conditions.

Maryland-based GenVec is a biopharmaceutical company developing novel therapeutic drugs and vaccines.

FinancialWire(tm) is committed to serving the financial community through true journalism and providing relevant resources to investors. Standards-based, independent equity research on numerous public companies is available through the Investrend Research Syndicate (http://www.investrend.com/reports) written by FIRST Research Consortium (http://www.investrend.com/FIRST) member-providers. Free annual reports and company filings for companies mentioned in the news are available through the Investrend Information Syndicate (at http://investrend.ar.wilink.com/?level=279). FinancialWire(tm), in cooperation with the Investrend Broadcast Syndicate, also provides complete, daily conference call and webcast schedules as a service to shareholders and investors via the FirstAlert(tm) Network’s “FirstAlert(tm) Daily” (http://www.financialwire.net/news-alerts/).

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) website (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.