GenVec HIV Vaccine Program to Receive Additional Funding

GenVec HIV Vaccine Program to Receive Additional Funding

Business Wire - October 10, 2006

GAITHERSBURG, Md. -- GenVec, Inc. (Nasdaq:GNVC) announced today that it will receive up to $3.56 million in new funding to support the development and manufacture of novel adenovector-based HIV vaccines under its multi-year collaboration with the Vaccine Research Center (VRC) of the National Institute of Allergy and Infectious Diseases, National Institutes of Health. These additional funds increase the total value of GenVec's subcontract for this program to $53 million over the life of the agreement, which extends through the end of fiscal year 2008. The subcontract was issued and is managed by Science Applications International Corporation-Frederick, Inc (SAIC-Frederick).

The vaccines under development utilize GenVec's proprietary adenovector technology and the company's 293-ORF6 production cell line. In clinical trials performed by the VRC or NIAID's HIV Vaccine Trials Network (HVTN), an initial adenovector-based vaccine candidate has been administered to more than 300 volunteers either alone or as a "boost" in combination with a plasmid DNA vaccine prime in nine ongoing or completed Phase I studies. In addition, placebo-controlled Phase II trials are underway by the HVTN, the U.S. Military HIV Research Program and the International AIDS Vaccine Initiative that are expected to enroll more than 900 healthy volunteers in 9 countries around the world. The vaccine is also being evaluated as a potential therapeutic treatment for HIV and a placebo-controlled study expected to enroll 15 HIV positive patients is currently underway.

"The expansion of our HIV vaccine contract comes at a very exciting and important time for this program," said Dr. Rick King, GenVec's senior vice president of research. "Data presented recently by the VRC and its collaborators at the AIDS Vaccine 2006 Conference in Amsterdam indicate that our HIV vaccine is well tolerated and induces a potent immune response, including a robust poly-functional T-cell response, which is a hallmark of effective existing vaccines such as smallpox."

GenVec is a biopharmaceutical company developing novel gene-based therapeutic drugs and vaccines. Additional information about GenVec and its portfolio of product candidates 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 programs and studies, 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 relating to the early stage of GenVec's product candidates under development; uncertainties relating to clinical trials; the timing and content of future U.S. Food and Drug Administration regulatory actions with respect to GenVec, its product candidates, or collaborators, risks relating to the commercialization, if any, of GenVec's proposed product candidates (such as marketing, regulatory, patent, product liability, supply, competition and other risks); 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, 240-632-0740 | dswirsky@genvec.com

SOURCE: GenVec, Inc.

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