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Online Auction for GenVec Inc. (GNVC) Hosted by Surplus Solutions and The Branford Group


10/23/2013 8:47:01 AM

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GAITHERSBURG, Md.--(BUSINESS WIRE)--Surplus Solutions LLC along with The Branford Group have been selected by GenVec, Inc. to conduct a substantial 3-day global online auction of laboratory equipment at the 42,900 sq. ft. biopharmaceutical facility in Gaithersburg, MD facility.

The auction contains over 1,500 lots available for sale, including Agilent and Waters HPLC Systems, Bio Reactors, Microscopes, Chromatography Columns, Centrifuges, Lab Furniture and much more. All bidding will be conducted online beginning November 12 at 9:00am (EST). Bidders can pre-register for the auction and view the entire auction details including inspection times, terms, and a complete catalog of available equipment at either www.ssllc.com or www.TheBranfordGroup.com.

GenVec is a biopharmaceutical company working with leading companies and organizations such as Novartis and the U.S. Government to leverage its proprietary gene-delivery technologies to address the prevention and treatment of significant health concerns.

“Within the next few months, GenVec will be relocating to substantially smaller space in the area consistent with our transition from a capital-intensive, product development company to one focused on the cost efficient creation of value through the licensing of our proprietary vector and cell line technologies,” said Douglas J. Swirsky, GenVec’s President and Chief Executive Officer. “The Branford Group and Surplus Solutions are uniquely positioned in the market to help us realize the most value from the sale of our surplus equipment.”

Surplus Solutions, LLC is a certified equipment appraiser and recognized leader in the laboratory and biotech industries. The Branford Group is a global industrial auction and valuation business with proficiency across a wide array of industries. Both companies offer proficiency and expertise to match buyers and sellers around the world.

Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including with respect to the transition of GenVec's business focus and the potential proceeds from the sale of surplus equipment, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. GenVec cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, such as the failure of Novartis to advance GenVec's hearing loss program, including into human clinical trials. Further information on the factors and risks that could affect GenVec's business, financial conditions and results of operations, are contained in GenVec's filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. These forward-looking statements speak only as of the date of this press release, and GenVec assumes no duty to update forward-looking statements.

RELATED LINKS

http://www.genvec.com

http://www.ssllc.com

http://www.thebranfordgroup.com

Contacts

Surplus Solutions, LLC:

Ryan McAuliffe, 508-646-2744

ryan@ssllc.com

or

The Branford Group:

James Gardner, 203-488-7020

service@thebranfordgroup.com

or

GenVec, Inc.:

Rena Cohen, 240-632-5501

rcohen@genvec.com

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