GAITHERSBURG, Md., May 25, 2012 /PRNewswire/ -- GenVec, Inc. (NASDAQ: 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).
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 www.genvec.com and in the Company's various filings with the Securities and Exchange Commission.
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SOURCE GenVec, Inc.