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Jun 6, 2008

GenVec Enters Purchase Agreements for Common Stock and Warrants Worth $17M

  • GenVec is offering 11,258,279 shares of its common stock and warrants to purchase 2,251,654 shares of its common stock. The aggregate net proceeds are estimated to be approximately $15.8 million.

    The transaction will take place 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 five-year term and an exercise price of $2.016 per share.

    Merriman Curhan Ford acted as lead placement agent. Boenning & Scattergood was the coplacement agent in connection with this transaction. Both current and new institutional and accredited investors are part of this financing. The offering is expected to close around June 11.

    GenVec's lead product candidate, TNFerade™, is currently in a pivotal study in locally advanced pancreatic cancer and is being evaluated in additional trials in other tumor types.



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Scientifically Studying Ecstasy

MDMA (commonly known as the empathogen “ecstasy”) is classified as a Schedule 1 drug, which is reserved for compounds with no accepted medical use and a high abuse potential. Two researchers from Stanford, however, call for a rigorous scientific exploration of MDMA's effects to identify precisely how the drug works, the data from which could be used to develop therapeutic compounds.

Do you agree that ecstasy should be studied for its potential therapeutic benefits?

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