GenVec Inc (fka GNVC)

[Tryton]

Unusual 11 Mid-Day Movers 1/27: CNLG, KTCC, CPE, SIFY, CRXX Higher; GNVC, JTX, HTCH, KONG Lower

GenVec, Inc. (NASDAQ: GNVC) 23.5% LOWER; announced today that it has entered into purchase agreements with certain institutional investors for the sale of 14,000,000 shares of its common stock and warrants to purchase 4,200,000 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 0.30 warrants to purchase one share of common stock at a price of $2.00 per unit. The warrants have a term of five years and an exercise price of $2.75 per share. The gross proceeds of the offering are expected to be $28.0 million and net proceeds, after deducting the placement agent's fee and estimated offering expenses payable by GenVec, are expected to be approximately $26.2 million.

http://www.streetinsider.com/Special+Reports/Unusual+11+Mid-Day+Movers+127:+CNLG,+KTCC,+CPE,+SIFY,+CRXX+Higher%3B+GNVC,+JTX,+HTCH,+KONG+Lower/5280128.html