genvec inc (GNVC) Key Developments
GenVec, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013
Nov 12 13
GenVec, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company's revenues were $1,582,000 against $2,128,000 a year ago. Loss from operations was $2,963,000 against $4,051,000 a year ago. Net loss was $2,961,000 or $0.23 per basic and diluted share against $4,039,000 or $0.31 per basic and diluted share a year ago.
For the nine months, the company's revenues were $3,537,000 against $7,832,000 a year ago. Loss from operations was $9,148,000 against $10,927,000 a year ago. Net loss was $9,132,000 or $0.71 per basic and diluted share against $10,896,000 or $0.84 per basic and diluted share a year ago. The decrease in revenue for the three-month and nine-month periods was primarily attributable to revenue associated with hearing loss and balance disorders program as the company is near completion of development work under agreements with Novartis.
GenVec, Inc., Annual General Meeting, Nov 22, 2013
Oct 16 13
GenVec, Inc., Annual General Meeting, Nov 22, 2013., at 08:30 US Eastern Standard Time. Location: 65 West Watkins Mill Road. Agenda: To elect two directors to the company's Board of Directors, each to serve for a term of three years or until their successors are qualified and elected; to approve an increase to the number of shares of the company's common stock, par value $0.001 per share, available for issuance under the company’s 2011 Omnibus Incentive Plan by 500,000 and to approve the material terms for payment of performance-based compensation under the 2011 Plan as required by Section 162(m) of the Internal Revenue Code; to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for the year ending December 31, 2013; and to act upon any other matter that may properly come before the Annual Meeting or any adjournment or postponement thereof.
GenVec, Inc. Announces Dismissal of Class Action Lawsuit
Sep 23 13
GenVec, Inc. announced that the previously disclosed putative class action lawsuit filed against the company and certain of its current and former officers by the law firm of Brower Piven in the United States District Court for the District of Maryland has been dismissed with prejudice. No payment was made by any of the Defendants to the plaintiffs or their counsel in connection with the lawsuit.
GenVec, Inc. Appoints Stefan F. Loren as a Board of Director
Sep 19 13
On September 19, 2013, the Board of Directors of GenVec, Inc. expanded the size of the board of directors by one director and appointed Stefan F. Loren, Ph.D. to fill the resulting vacancy. Dr. Loren’s term will expire at the 2014 annual meeting of stockholders of the company. Dr. Loren was also appointed to the Audit Committee. Dr. Loren is a Managing Director of Westwicke Partners.
GenVec, Inc. Announces Executive Changes
Sep 4 13
GenVec, Inc. announced the reversal of a months-old plan by the board to liquidate and dissolve the company. As part of the new arrangement, Cynthia Collins is out as president and CEO, effective immediately, replaced with Douglas Swirsky, GenVec's CFO since 2006. Under the most recent changes, three GenVec board members have also resigned: Edward M. Connor Jr., Adel A.F. Mahmoud and Kevin M. Rooney.