By Sheri Kasprzak
New York, Sept. 21 - GenVec, Inc. has raised an upsized $15.3 million from a direct placement of common stock. The deal was originally announced Wednesday at $14.5 million but increased later in the day by $800,000.
The company will issue 7.65 million shares - increased from 7.25 million - at $2.00 each to institutional investors by Sept. 26.
The shares will be sold under the company's shelf registration.
SG Cowen & Co. LLC is the placement agent.
The proceeds will be used for ongoing product development, clinical trials, the expansion of manufacturing capabilities and general corporate purposes.
Based in Gaithersburg, Md., GenVec is a biopharmaceutical company focused on developing treatments for cancer and cardiac disease.
| Issuer: | GenVec, Inc.
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| Issue: | Stock
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| Amount: | $15.3 million
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| Shares: | 7.65 million
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| Price: | $2.00
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| Warrants: | No
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| Placement agent: | SG Cowen & Co., LLC
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| Announcement date: | Sept. 21
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| Settlement date: | Sept. 26
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| Stock price: | $2.09 at close Sept. 21
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