Replies to post #63080 on Biotech Values

[bladerunner1717]

wjlknew,

I guess GNVC wasn't THAT adept.


Source: GenVec, Inc.


GenVec Announces Registered Offering of $17 Million in Common Stock and Warrants
Friday June 6, 9:27 am ET


GAITHERSBURG, Md.--(BUSINESS WIRE)--GenVec, Inc. (Nasdaq:GNVC - News) announced today that it has entered into purchase agreements with certain current and new institutional and accredited investors for the sale of 11,258,279 shares of its common stock and warrants to purchase 2,251,654 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 a warrant to purchase 0.20 shares of common stock at a per unit price of $1.51 per share. The warrants have a term of five years and an exercise price of $2.016 per share.
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The aggregate gross proceeds of the offering are expected to be approximately $17.0 million and aggregate net proceeds, after deducting the placement agents’ fee and estimated offering expenses payable by GenVec, are expected to be approximately $15.8 million. Merriman Curhan Ford & Co. acted as lead placement agent, and Boenning & Scattergood, Inc. acted as co-placement agent in connection with this transaction.

Proceeds from the offering will be used by GenVec for further development of its lead clinical program and other general corporate purposes. The offering is expected to close on or about June 11, 2008, subject to the satisfaction of customary closing conditions.


(The stock is down 11%.)


Bladerunner