By Sheri Kasprzak
New York, Dec. 20 - GenVec, Inc. plans to conclude a $19.7 million registered direct placement of its stock.
A group of institutional investors has agreed to purchase 9,609,757 shares at $2.05 each.
The shares will be sold under the company's shelf registration.
Rodman & Renshaw, LLC is the bookrunner for the deal, which is set to close Thursday.
Proceeds will be used for research and development, clinical trials of product candidates, the discovery of new products candidates, capital expenditures and general corporate purposes.
Based in Gaithersburg, Md., GenVec develops novel gene-based therapeutic drugs and vaccines.
| Issuer: | GenVec, Inc.
|
| Issue: | Stock
|
| Amount: | $19.7 million
|
| Shares: | 9,609,757
|
| Price: | $2.05
|
| Warrants: | No
|
| Placement agent: | Rodman & Renshaw, LLC
|
| Announcement date: | Dec. 20
|
| Settlement date: | Dec. 21
|
| Stock symbol: | Nasdaq: GNVC
|
| Stock price: | $2.56 at close Dec. 19
|
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