GenVec Reports Inducement Award
GAITHERSBURG, Md., May 25, 2012 /PRNewswire via COMTEX/ -- GenVec, Inc. (GNVC)
announced today that on May 23, 2012 it granted an option to purchase shares of
its common stock to Cynthia Collins, its newly appointed President and Chief
Executive Officer. The option grant was approved by the Compensation Committee of
GenVec's Board of Directors and the Board of Directors, and was made as an
inducement material to Ms. Collins's acceptance of employment with GenVec in
accordance with NASDAQ Listing Rule 5635(c)(4).
The option allows for the purchase of up to 250,000 shares of GenVec's common
stock at an exercise price per share equal to $2.54, the closing price of the
Company's common stock on May 23, 2012. The option has a ten-year term and will
vest and become exercisable as to one-eighth (1/8th) of the shares of common
stock covered by the option on the six month anniversary of the grant date and,
on the first day of each month thereafter, the option will vest and become
exercisable as to an additional one-forty-eighth (1/48th) of the shares of common
stock covered by the option until the option is fully exercisable.
On May 24, 2012, GenVec filed a Form 8-K regarding the appointment of Ms. Collins
and related matters. Please refer to that filing for a full description of the
inducement award agreement pursuant to which the option was granted. GenVec is
providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).
About GenVec GenVec is a biopharmaceutical company using differentiated,
proprietary technologies to create superior therapeutics and vaccines. A key
component of our strategy is to develop and commercialize our product candidates
through collaborations. GenVec is working with leading companies and
organizations such as Novartis, Merial, and the U.S. Government to support a
portfolio of product programs that address the prevention and treatment of a
number of significant human and animal health concerns. GenVec's development
programs address therapeutic areas such as hearing loss and balance disorders; as
well as vaccines against infectious diseases including respiratory syncytial
virus (RSV), herpes simplex virus (HSV), dengue fever, malaria, and human
immunodeficiency virus (HIV). In the area of animal health, we are developing
vaccines against foot-and-mouth disease (FMD). Additional information about
GenVec is available at genvec.com and in the Company's various filings
with the Securities and Exchange Commission.
Retail Investor and Media Contact: Institutional Investor Contact:
GenVec, Inc.S.A. Noonan Communications
Douglas J. SwirskySusan A. Noonan
(240) 632-5510(212) 966-3650
dswirsky@genvec.comsusan@sanoonan.com |
