GenVec Announces Registered Offering of $17 Million in Common Stock and Warrants

GAITHERSBURG, Md.--(Business Wire)--
GenVec, Inc. (Nasdaq:GNVC) announced today that it has entered
into purchase agreements with certain current and new institutional
and accredited investors for the sale of 11,258,279 shares of its
common stock and warrants to purchase 2,251,654 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 a warrant to
purchase 0.20 shares of common stock at a per unit price of $1.51 per
share. The warrants have a term of five years and an exercise price of
$2.016 per share.

The aggregate gross proceeds of the offering are expected to be
approximately $17.0 million and aggregate net proceeds, after
deducting the placement agents' fee and estimated offering expenses
payable by GenVec, are expected to be approximately $15.8 million.
Merriman Curhan Ford & Co. acted as lead placement agent, and Boenning
& Scattergood, Inc. acted as co-placement agent in connection with
this transaction.

Proceeds from the offering will be used by GenVec for further
development of its lead clinical program and other general corporate
purposes. The offering is expected to close on or about June 11, 2008,
subject to the satisfaction of customary closing conditions.

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 Merriman Curhan Ford & Co.
at 600 California Street, 9th Floor, San Francisco, CA 94108, by
calling (415) 262-1394 or by emailing kpalmieri@mcfco.com. 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 candidate,
TNFerade(TM), is currently in a pivotal clinical study (PACT) in
locally advanced pancreatic cancer and is being evaluated in
additional clinical trials in other tumor types. GenVec also uses its
proprietary adenovector technology to develop vaccines for infectious
diseases including HIV, malaria, foot-and-mouth disease, respiratory
syncytial virus (RSV), HSV-2, and influenza. 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 June 11, 2008, if at all, any unanticipated costs
and expenses related to the offering, 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, 2007, 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.

GenVec, Inc.
Douglas J. Swirsky
Chief Financial Officer
240-632-5510
dswirsky@genvec.com

Copyright Business Wire 2008