GAITHERSBURG, Md., March 13, 2014 /PRNewswire/ --GenVec, Inc. (NASDAQ: GNVC) ("GenVec") today announced it has agreed to sell approximately $9 million of shares of its common stock to selected institutional investors in a registered direct offering at a price of $3.15 per share. In the offering, GenVec will issue approximately 2,870,000 shares of its common stock. The closing of the offering is expected to take place on or about March 18, 2014, subject to the satisfaction of customary closing conditions.
Roth Capital Partners and H.C. Wainwright & Co., LLC are acting as placement agents in connection with the offering. The net proceeds of the offering will be used for operating costs, working capital, and general corporate purposes.
The offering will be made by GenVec pursuant to a shelf registration statement (File No. 333-193511) previously filed with and subsequently declared effective by the Securities and Exchange Commission ("SEC"). A prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov.Copies of the prospectus supplement, when filed with the SEC, and the accompanying base prospectus relating to this offering may be obtained from Roth Capital Partners, Equity Capital Markets, 888 San Clemente Drive, Newport Beach, CA 92660, (800) 678-9147 or from H.C. Wainwright & Co. by emailing placements@hcwco.com or by accessing the SEC's website.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or other jurisdiction.
About GenVec
GenVec is a biopharmaceutical company working with leading companies and organizations such as Novartis and the U.S. Government to leverage GenVec's proprietary gene-delivery technologies to address the prevention and treatment of significant health concerns. GenVec's lead program, in the field of regenerative medicine, is licensed to Novartis for the development of novel treatments for hearing loss and balance disorders. Additional information about GenVec is available at www.genvec.comand in the company's various filings with the Securities and Exchange Commission.
Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including with respect to the registered direct offering and use of proceeds, 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. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, such as whether the closing conditions will be satisfied, whether the offering will close as expected and unanticipated costs and expenses related to the offering. 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 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.
Contact:
GenVec, Inc.
Rena Cohen
(240) 632-5501
rcohen@genvec.com
SOURCE GenVec, Inc.
