GenVec Announces Registered Offering of $6 Million in Common Stock and Warrants

GAITHERSBURG, Md., Aug. 27 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq:
GNVC) announced today that it has entered into a purchase agreement with a
single institutional investor for the sale of 8,000,000 shares of its common
stock and warrants to purchase 4,000,000 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 0.50 warrants to purchase one share of common
stock at a price of $0.75 per unit. This represents a discount of
approximately 8.3% to the closing price of GenVec common stock on August 26,
2009. The warrants have a term of five years and an exercise price of $0.828
per share.

(Logo: http://www.newscom.com/cgi-bin/prnh/20081205/DC50112LOGO )

The gross proceeds of the offering are expected to be approximately $6.0
million and net proceeds, after deducting the placement agent's fee and
estimated offering expenses payable by GenVec, are expected to be
approximately $5.6 million. Merriman Curhan Ford (Nasdaq: MERR) acted as
exclusive placement agent in this transaction.

GenVec will use proceeds from the offering for further development of its lead
clinical program, TNFerade(TM), and other general corporate purposes. The
offering is expected to close on or about August 31, 2009, 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 135 East 57th Street, 24th Floor, New York, NY
10022, by calling (646) 292-1425 or by emailing ahudspeth@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, TNFerade(TM), is currently in a pivotal
clinical study (PACT) in locally advanced pancreatic cancer. TNFerade has also
been and is currently being evaluated for its potential use in the treatment
of several other cancers, including esophageal cancer, rectal cancer, and head
and neck cancer. GenVec also uses its proprietary adenovector technology to
develop vaccines for infectious diseases including HIV, malaria,
foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2.
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 August
31, 2009, 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, 2008, 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.

SOURCE GenVec, Inc.

Danielle M. DiPirro, Corporate Communications Specialist of GenVec,
+1-301-944-1877, ddipirro@genvec.com