Key Developments For GenVec Inc
GenVec Inc (GNVC.O) (Consolidated Issue listed on NASDAQ Global Market)
GenVec, Inc. Lowers FY 2009 Revenue Guidance
GenVec, Inc. announced that it anticipates revenues for fiscal 2009 will be between $14.0 million and $16.0 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $18.9 million for the same period.
GenVec, Inc. Signs New Contract To Support HIV And Influenza Vaccine Development
GenVec, Inc. announced that SAIC-Frederick, Inc. has signed a contract with GenVec for the development of influenza and HIV vaccines in support of the Vaccine Research Center (VRC) of the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH). This four-year contract has a total value of over $22 million if all options are exercised. Over the next year, GenVec will receive approximately $2.6 million. Under the contract, the vaccines would be comprised of genetic material supplied by the VRC and adenoviral vectors supplied by GenVec. Work under this contract will include generation of HIV vaccine candidates, generation of a universal flu vaccine candidate, process and assay development for manufacture of vaccine candidates for clinical testing, and continued support of the HIV vaccine candidates currently in clinical testing.
GenVec, Inc. Announces FDA Grants Orphan Drug Designation For TNFerade
GenVec, Inc. announced that the U.S. Food and Drug Administration (FDA) has granted orphan drug designation to TNFerade for the treatment of pancreatic cancer.
GenVec, Inc. Receives Fourth-Year Funding From NIAID For HIV Vaccine Contract
GenVec, Inc. announced that the National Institute of Allergy and Infectious Disease (NIAID), part of the National Institutes of Health (NIH), has executed its third option period (year four) under a previously announced, five-year contract with the Company valued at up to $52 million for the production of HIV vaccines. The Company will receive up to $2.3 million for the fourth year, which will support the generation of HIV vaccine candidates with GenVec's alternate adenovirus serotype technology.
GenVec, Inc. Announces Registered Offering of $6 Million in Common Stock and Warrants
GenVec, Inc. announced 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. 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 acted as exclusive placement agent in this transaction. GenVec will use proceeds from the offering for further development of its lead clinical program, TNFerade, and other general corporate purposes. The offering is expected to close on or about August 31, 2009.
