San Diego, Jan. 13, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in shares of GenVec, Inc. (NASDAQ:GNVC) over potential securities laws violations by certain officers and directors at GenVec was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of GenVec, Inc. (NASDAQ:GNVC) concerning whether the company, certain of its officers and directors, or others have possibly violated federal securities laws. Specifically, the investigation concerns whether certain statements GenVecs business, its prospects and its operations were potentially materially false and misleading at the time they were made.

On March 12, 2009, GenVec, Inc. (Nasdaq:GNVC) announced its financial results for the fourth quarter and year ended December 31, 2008. Among other things, GenVec, Inc said that it announced encouraging top-line results of an interim analysis from our Phase III Pancreatic Cancer Clinical Trial (PACT). An independent Data Safety Monitoring Board reviewed the interim analysis data and recommended the trial continue as planned.

Then on March 29, 2010, GenVec, Inc. (Nasdaq: GNVC) announced that it is discontinuing its Phase 3 clinical trial of TNFerade(TM) in patients with locally advanced pancreatic cancer based on results of an interim analysis.
GenVec, Inc said that this interim analysis of overall survival, conducted after the 184th death (two-thirds of total expected events), was designed to determine whether the study should continue.
GenVec said that it has determined, after conferring with its independent Data Safety Monitoring Board, that the PACT trial would not meet the goal of demonstrating persuasive evidence of clinical effectiveness that could form the basis for regulatory approval in the population chosen for study.
GenVec, Inc. reported that its annual Revenue rose from $13.86million in 09 to $16.47million in 2010 and its Net Loss decreased from $18.36million in 2009 to $12.27million in 2010. Despite a slight decrease in its third quarter Revenue from $5.16million for 2010 to $4.33million for 2011 GenVec, Inc. reported that it was able to decrease its third quarter Net Loss from $2.38million in 2010 to $1.48million in 2011.

Shares of GenVec, Inc. increased after its 1:20 split on April 19, 2011 to $5.00 per share on May 2, 2011, but fell on August 10, 2010 to as low as $2.10 per share.