GENVEC TO RAISE $14.5M IN STOCK SALE

GenVec has obtained commitments to purchase shares of its common stock in a registered direct offering that will raise $14.5 million. The Gaithersburg biopharmaceutical company will sell 7.25 million shares of its common stock at $2 a share to a group of institutional investors. GenVec estimates net proceeds from the financing, expected to close Sept. 26, will be about $13.4 million. The money will be used for product development, including support of clinical trials and expansion of manufacturing capabilities, as well as general corporate purposes.

Washington Business Journal (http://washington.bizjournals.com/washington/stories/2005/09/19/daily15.html)