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| GenVec, Inc. |
| 65 West Watkins Mill Road, Gaithersburg, MD 20878 * (240) 632-0740 |
| Business Description | The company develops gene-based products that cause the production of therapeutic proteins at the site of disease. Our current areas of focus are cardiovascular disease, particularly coronary artery disease and peripheral vascular disease, oncology and ophthalmology. Our product candidates are comprised of genes and gene transfer systems that transport those genes into cells at the site of the disease. |
| Offering Information Company has | |||
| Trading As | GNVC (NASNTL) | Industry | Pharmaceutical (SIC 2834) |
| Type of Stock Offered | Common Shares | Filing Date | 10/5/00 |
| Domestic Shares Offered | 4,000,000 | Offer Date | 12/11/00 |
| Foreign Shares Offered | 0 | Filing Range | $11.00 - $12.00 |
| Company Shares | 4,000,000 | Offer Price | $9.50 |
| Selling Shrhldrs Shares | 0 | Gross Spread | $0.670 |
| Gross Proceeds | $38,000,000 | Selling | $0.400 |
| Expenses | - - | Reallowance | $0.100 |
| Post-IPO Shares | - - | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| J.P. Morgan & Co. | Lead Manager | (212) 648-0517 |
| A.G. Edwards & Sons, Inc. | Co-manager | (314) 955-3039 |
| UBS Warburg LLC | Co-manager |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/95 | 12/31/96 | 12/31/97 | 12/31/98 | 12/31/99 | 6/30/99 | 6/30/00 |
| Revenues | 1.005 | 0.698 | 5.688 | 9.750 | 16.950 | 9.098 | 8.537 |
| Income from Oper. | -8.313 | -9.113 | -6.428 | -6.745 | -2.496 | -0.750 | -2.379 |
| Net Income | -7.900 | -8.617 | -6.165 | -6.347 | -1.919 | -0.495 | -2.116 |
| E.P.S | -14.080 | -10.740 | -6.440 | -6.150 | -1.830 | -0.480 | -1.780 |
| Revenue Growth (%) | -30.55 | 714.90 | 71.41 | 73.846 | -6.17 | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | - | - | - |
| Net Profit Margin (%) | - | - | - | - | - | - | - |
| Cash Flow - Oper. | 0.98 | - | - | ||||
| Cash Flow - Inv. | -10.24 | - | - | ||||
| Cash Flow - Fin. | 14.65 | - | - | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 6/30/00 | Financial Ratios | ||||
| Total Assets | 25.46 | Current Assets | - | Current Ratio | - |
| Total Liab. | 15.25 | Current Liab. | - | Debt Ratio | 59.90% |
| Total Equity | 10.21 | Working Cap. | - | Debt to Equity Ratio | 1.49 |
| Cash | 11.53 | Return on Assets | - | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be used for research and development activities; clinical trials, capital expenditures, working capital; and general corporate purposes including possible acquisitions. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Arnold & Porter |
| Bank's Law Firm | Davis, Polk & Wardwell |
| Registrar/Transfer Agent | ChaseMellon Shareholder Services, L.L.C. |
| Auditor | KPMG LLC |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Highland Capital Partners | 13.90 | |
| Hillman Medical Ventures Partnerships | 12.30 | |
| Pfizer, Inc. | 11.20 | |
| Biotech Growth SA | 9.40 | |
| Genentech, Inc. | 8.20 | |
| Sierra Ventures, III, L.P. | 6.10 | |
| Prince Venture Partners, III, L.P. | 6.10 | |
| Note: represents ownership of 5% or more prior to the offering. | ||