The shares of common stock and warrants were offered in units consisting of one share of common stock and a warrant to purchase 0.20 shares of common stock at a per unit price of $1.51. The warrants have a term of five years and an exercise price of $2.016 per share.
The aggregate gross proceeds of the offering were approximately $17 million and aggregate net proceeds, after deducting the placement agents’ fee and estimated offering expenses payable by GenVec, are expected to be approximately $15.8 million.
Merriman Curhan Ford acted as lead placement agent, and Boenning & Scattergood acted as co-placement agent in connection with this transaction.