GenVec Announces Engagement of Financial Advisor to Evaluate Strategic Alternatives

GAITHERSBURG, Md., June 15 /PRNewswire-FirstCall/ -- GenVec, Inc. today announced that it has engaged Wells Fargo Securities, LLC to conduct a comprehensive review of strategic alternatives aimed at enhancing shareholder value.

Strategic alternatives the Company may pursue could include, but are not limited to, execution of the Company's operating plan, sale of Company assets, partnering or other collaboration agreements, or a merger, sale of the Company or other strategic transaction. There can be no assurance that the exploration of strategic alternatives will result in any agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms. The Company does not intend to disclose developments with respect to this process unless and until the evaluation of strategic alternatives has been completed or the board of directors has approved a specific transaction.

About GenVec

GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec uses its proprietary adenovector technology to develop TNFerade for the treatment of certain cancers and vaccines for infectious diseases including influenza, HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. GenVec also discovers and develops novel treatments for hearing loss and balance disorders through a worldwide collaboration with Novartis. Additional information about GenVec is available at http://www.genvec.com/ and in the Company's various filings with the Securities and Exchange Commission.

Statements herein relating to potential strategic transactions are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. GenVec cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by these forward-looking statements. 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 http://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.

Investor Contact: Media Contact: GenVec, Inc. Tiberend Strategic Advisors, Inc. Douglas J. Swirsky Andrew Mielach [phone] [phone] [e-mail] [e-mail]

GenVec, Inc.

CONTACT: Investor: Douglas J. Swirsky of GenVec, Inc., [phone],
[e-mail], or Media: Andrew Mielach of Tiberend Strategic Advisors,
Inc. for GenVec, Inc., [phone],
[e-mail]

Web Site: http://www.genvec.com/