GenVec Inc (fka GNVC)

[skitahoe]

Sadly we now know they are soliciting a reverse split. I oppose it for being premature, but believe by doing it they assure it's necessity.

I believe the company has made major advances in hearing, but suspect that the supplemental drug is needed to get the job done. I'd be out if it weren't for Novartis and it's right of first refusal in the new drug GNVC is developing.

I think maintaining a Nasdaq listing is important, but believe that GNVC had at least 4 more months before needing to take the action they did. They are maintaining the same cap on outstanding shares and I expect in time they'll use most of those shares. The result is current shareholders will represent less than 15%, perhaps as low as 5% of stock ownership.

Gary