GAITHERSBURG, Md., Nov. 9, 2010 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC) announced today that The NASDAQ Stock Market (“NASDAQ”) has granted the Company an additional 180 days to regain compliance with NASDAQ’s $1.00 minimum bid price rule under NASDAQ Marketplace Rule 5550(a)(2).
As previously announced, on May 12, 2010, GenVec was notified by NASDAQ that the Company did not meet the minimum bid price rule required for continued listing and was provided until November 8, 2010 to achieve compliance. In anticipation of not meeting the minimum bid price requirement, on November 8, 2010, the Company transferred the listing of its common stock to The Nasdaq Capital Market from The Nasdaq Global Market. In connection with the market transfer, on November 9, 2010, NASDAQ granted the Company an additional 180 calendar day period, or until May 9, 2011, to regain compliance with the minimum bid rule. GenVec may achieve compliance during the 180-day period if the closing bid price of GenVec’s common stock is at least $1.00 per share for a minimum of 10 consecutive business days before May 9, 2011.
About GenVec
GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec uses proprietary drug discovery and development technologies to support a portfolio of product programs that address the prevention and treatment of a number of major diseases. In collaboration with Novartis, GenVec is developing novel treatments for hearing loss and balance disorders. GenVec also develops and is evaluating the potential of TNFerade for the treatment of certain cancers and is developing vaccines for infectious diseases including influenza, HIV, malaria, foot-and-mouth disease, respiratory syncytial virus (RSV), and HSV-2. Additional information about GenVec is available at www.genvec.com and in the Company’s various filings with the Securities and Exchange Commission.
Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding future milestone payments, royalties, the development of products and the success of the collaboration with Novartis, 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, including the failure by GenVec to secure and maintain relationships with collaborators; risks relating to the early stage of GenVec’s product candidates under development; uncertainties relating to clinical trials; risks relating to the commercialization, if any, of GenVec’s proposed product candidates; dependence on the efforts of third parties; dependence on intellectual property; and risks that we may lack the financial resources and access to capital to fund our operations. 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.
Contact: | |
GenVec, Inc. | |
Douglas J. Swirsky | |
(240) 632-5510 | |
SOURCE GenVec, Inc.
