| IPO Company Profile |
| SEC Filings | Peer IPO Companies |
| GenVec, Inc. |
| 12111 Parklawn Drive, Rockville, MD 20852 * (301) 816-0396 |
| The company focuses on the development and commercialization of novel gene therapy products for major disease markets. The lead product candidate, BIOBYPASS angiogen, is designed to induce new blood vessel formation, in tissues with inadequate blood flow |
| Manager | Tier | Phone |
| BancAmerica Robertson Stephens | Lead Manager | (415) 989-8500 |
| J.P. Morgan Securities Inc. | Co-manager | (212) 648-0517 |
| Salomon Smith Barney | Co-manager | (212) 723-7300 |
| NASNTL: | GNVC | Manufacturing: | SIC 2834 | |
| Type of Shares: | Common Shares | Filing Date: | 4/30/98 | |
| U.S. Shares Filed: | 2,500,000 | Filing Range: | $11.00 - $13.00 | |
| Non-U.S. Shares Filed: | 0 | Offering Amount: | $30,000,000 | |
| Primary Shares: | 2,500,000 | Expenses: | $900,000 | |
| Secondary Shares: | 0 | Post-IPO Shares: | 9,857,784 | |
| Employees: | 54 |
| Issuer's Law Firm: | Wilson, Sonsini, Goodrich & Rosati |
| Bank's Law Firm: | Testa, Hurwitz & Thibeault |
| Registrar/Transfer Agent: | ChaseMellon Shareholder Services, L.L.C. |
| Auditor: | KPMG Peat Marwick |
Dollar amounts in U.S. millions except for per share data | |||||
| 3 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Audited Income | Balance Sheet | ||
| 12/31/97 | 3/31/98 | 3/31/97 | 3/31/98 | ||
| Revenue: | $10.19 | $3.69 | $0.00 | Assets: | $10.69 |
| Net Income: | -$1.25 | -$0.03 | -$2.09 | Curr Assets: | $9.90 |
| EPS: | -$0.18 | -$0.01 | Liabilities: | $2.05 | |
| Prior EPS: | Curr Liab: | $2.01 | |||
| Cash Flow/Oper: | Equity: | $8.64 | |||
| Cash Flow/Fin: | Cash: | $7.26 | |||
| Cash Flow/Inv: | Working Cap: | $7.88 | |||
| Competition |
| Competition among entities attempting to identify and develop new therapies is intense. The Company faces, and will continue to face, competition from pharmaceutical and biotechnology companies, academic and research institutions and government agencies, both in the United States and abroad. Many of the Company's competitors have substantially greater capital resources, research and development staffs, facilities, manufacturing and marketing experience, distribution channels and human resources than the Company. Future competition will likely come from existing competitors (including competitors with rights to proprietary forms of the VEGF gene and other genes the Company currently uses in its product candidates), as well as other companies seeking to develop new treatments. Competitors or their academic collaborators may identify important genes or delivery mechanisms before the Company, or develop gene therapies that are more effective than those developed by the Company or its corporate collaborators, or obtain regulatory approvals of their drugs more rapidly than the Company or its corporate collaborators. Moreover, there can be no assurance that the Company's competitors will not obtain patent protection or other intellectual property rights that would limit the Company's or its collaborators' ability to use the Company's gene therapy technologies. Any of these events could materially and adversely affect the Company's business, financial condition and results of operations. |
| Business Plan |
| The Company's objective is to be a leader in the development and commercialization of gene therapy products. To achieve this objective, GenVec intends to: (I) Enhance Leadership in Therapeutic Angiogenesis, (ii) Expand Its Portfolio of Products under Development, (iii) Broaden Its Technology Platform, (iv) Strengthen Product Development through Corporate Collaborations and (v) Maintain and Expand Intellectual Property Strength. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for research and development, clinical trials, capital expenditures, working capital and general corporate purposes including possible acquisitions of complementary technology, products or businesses. |