Last $1.99 USD
Change Today -0.0236 / -1.17%
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genvec inc (GNVC) Key Developments

GenVec, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Expects Cash Burn for 2014

GenVec, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the three-month period ended September 30, 2014, the company reported a net loss of $1.6 million or $0.10 per basic and diluted share on revenues of $0.3 million as compared to a net loss of $3.0 million or $0.23 per basic and diluted share on revenues of $1.6 million in the same period in the prior year. The decrease in revenue for the three-month period ended September 30, 2014 was primarily due to a decrease in revenue of $1.4 million associated with the malaria vaccine development efforts at the U.S. Naval Medical Research Center which was terminated in July 2013. This decrease was partially offset by an increase in revenue of $0.1 million associated with the animal health program which resulted from increased work scope. Loss from operations was $1.605 million against $2.963 million a year ago. For the nine-month period ended September 30, 2014, the company reported a net loss of $4.2 million or $0.27 per basic and diluted share on revenues of $2.5 million as compared to a net loss of $9.1 million or $0.71 per basic and diluted share on revenues of $3.5 million in the same period in the prior year. The decrease in revenue for the nine-month period ended September 30, 2014 primarily resulted from a decrease of $1.5 million associated with its malaria program. Additionally, there were reductions in revenue of $0.5 million with respect to its FMD program and $0.6 million because of reduced work scope and grant work performed for NIH programs and malaria programs. Loss from operations was $4.245 million against $9.148 million a year ago. For 2014, the company expects cash burn between $6 million and $7 million not including milestones from the Novartis collaboration. The company believes that existing resources, combined with anticipated near-term milestones, are sufficient to fund the company's operations into the foreseeable future.

GenVec, Inc. Presents Preclinical Data for it's RSV Vaccine Candidate at the 9Th RSV Symposium

GenVec, Inc. announced that data exploring the immune responses generated by its vaccine candidate, GV2311, were presented at the 9th International Respiratory Syncytial Virus (RSV) Symposium being held in South Africa. These data were presented by Dr. Teresa R. Johnson, Chair of the Microbiology and Immunology Department of the Edward College of Osteopathic Medicine in Virginia. GV2311 utilizes GenVec's proprietary gorilla adenovector platform. These vectors are designed to produce superior performance in gene-based vaccines, including induction of durable high-level antibody responses as well as high-level T cell responses. They have also been shown to induce increased immune responses on repeat administration. In the experiments described in the presentation, kinetics of RSV clearance in RSV and GV2311 immunized mice were determined on days 1 and 5 post-infection with low dose (10(5) plaque-forming units, PFU) and with high dose (10(6) PFU) RSV A2 challenge. Vaccine-induced T cells were evaluated in BALB/c mice immunized with RSV or GV2311 by in vivo depletion of CD4 and CD8 T cells (alone or in combination) at challenge. Similarly, wild-type or Jh transgenic mice (deficient in antibodies and mature B cells) were immunized, then challenged with RSV. Neutralizing antibody, RSV titers, and T cell function were measured in all experiments.

GenVec, Inc. Appoints Quinterol J. Mallette as Director and Audit Committee Member

GenVec, Inc. announced that the Board of Directors of the company appointed Quinterol J. Mallette, M.D. as a director of the company. In addition, Dr. Mallette was appointed to the board's audit committee. Dr. Mallette is currently a Senior Analyst at SWK Holdings, Inc., a publically-traded health care-focused specialty finance firm, a position he has held since 2013. From 2011 to 2013, he was the founder and president of Mallette Research Associates.

GenVec, Inc. Announces Retirement of Zola P. Horovitz from its Board of Directors, Effective on October 24, 2014

GenVec, Inc. announced the retirement of Zola P. Horovitz, Ph.D., from its board of directors effective on October 24, 2014. Dr. Horovitz joined the GenVec board in August 2003, and served as its chairman from June 2006 to November 2013. During his tenure, he also served on the Nominating and Corporate Governance and Audit Committees of the board.

GenVec, Inc. Reports Unaudited Financial Results for the Second Quarter and Six Months Ended June 30, 2014

GenVec, Inc. reported unaudited financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net loss of $1.7 million or $0.10 per basic and diluted share on revenues of $0.1 million as compared to a net loss of $3.1 million or $0.24 per basic and diluted share on revenues of $0.7 million in the same period in the prior year. The decrease in revenue for the three months period ended June 30, 2014 is primarily due to a decrease of $0.2 million associated with its Foot and Mouth Disease (FMD) program, $0.1 million associated with its hearing loss and balance disorders program and $0.3 million due to reduced work scope and grant work performed for its NIH programs and malaria programs. Loss from operations was $1,676,000 compared to $3,131,000 last year. For the six months the company reported a net loss of $2.6 million or $0.17 per basic and diluted share on revenues of $2.3 million as compared to a net loss of $6.2 million or $0.48 per basic and diluted share on revenues of $2.0 million in the same period in the prior year. The increase in revenue for the six months ended June 30, 2014 is primarily due to an increase of $1.5 million associated with its hearing loss and balance disorders program as a result of the achievement of the third milestone under its Agreement with Novartis. Loss from operations was $2,640,000 compared to $6,185,000 last year.

 

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