GenVec Receives Additional Funding for 7th Year of HIV Vaccine

Program 
GAITHERSBURG, Md.--(BUSINESS WIRE)--October 19, 2007
GenVec, Inc. (Nasdaq:GNVC) announced today that the Vaccine
Research Center (VRC) of the National Institute of Allergy and
Infectious Diseases (NIAID), part of the National Institutes of Health
(NIH), has executed its sixth option period (year seven) under its
multi-year collaboration with GenVec to develop and manufacture novel
adenovector-based HIV vaccines. 
GenVec will receive up to $1.9 million over the next year, which
will support continued development of next-generation vaccines for HIV
and influenza. Initiated in 2001 as a three- year $10.2 million
program, the VRC subcontract now extends through fiscal year 2008,
with a total value of approximately $55 million. It was issued and is
managed by Science Applications International Corporation-Frederick,
Inc. (SAIC-Frederick). 
The vaccines developed with the VRC under this multi-year contract
utilize GenVec's proprietary adenovector and 293-ORF6 production cell
line technologies. The funds received to date have been used primarily
to produce HIV candidates for the Phase I and Phase II clinical trials
being sponsored by the VRC and its collaborators, and to produce a
number of next generation concepts some of which are in pre-clinical
evaluation. To date, the Ad5 HIV vaccine candidates produced by GenVec
has been administered to approximately 1,400 volunteers in 14 clinical
trials. 
"We are pleased to have the VRC's continued support for our
efforts to develop novel vaccine candidates," stated Douglas J.
Swirsky, GenVec's Chief Financial Officer. "This productive long-term
collaboration has enabled us to advance our manufacturing processes,
upgrade quality control and assurance operations, and establish a BLA
Master File at the FDA. The valuable knowledge and experience we gain
in developing vaccines is being leveraged across our technology
platform, for the benefit of TNFerade and our other novel therapeutics
in development." 
About GenVec 
GenVec, Inc. is a biopharmaceutical company developing novel
therapeutic drugs and vaccines. GenVec's lead product, TNFerade(TM) is
currently in a pivotal clinical study (PACT) in locally advanced
pancreatic cancer. Additional clinical trials are in progress in
rectal cancer, head and neck cancer and melanoma. GenVec also uses its
proprietary adenovector technology to develop vaccines for infectious
diseases including HIV, malaria, foot-and-mouth disease, respiratory
syncytial virus (RSV), and influenza. 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 revenues and
operating expenses, 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, CPA, CFA
Chief Financial Officer
240-632-5510
dswirsky@genvec.com
 
 
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