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GenVec Reports First Quarter 2011 Financial Results
Date:5/9/2011

GAITHERSBURG, Md., May 9, 2011 /PRNewswire/ -- GenVec, Inc. (NASDAQ: GNVCD) today announced its financial results for the first quarter ended March 31, 2011.  

GenVec reported a net loss of $2.2 million ($0.17 per share) for the first quarter of 2011, compared to a net loss of $4.7 million ($0.39 per share) in the comparable quarter of 2010.  Per share data reflect the reverse stock split that took effect on April 19, 2011.

Revenue for the first quarter increased 80% to $5.3 million from $2.9 million in the same period last year.  The increase for the three-month period ended March 31, 2011 is primarily due to increased revenue associated with our hearing program with Novartis of $2.7 million.  The higher revenue for the hearing program is the result of the increased work scope and effort in 2011.  Partially offsetting this increase is decreased revenue associated with our HIV program of $0.6 million due to decreased work scope.  

Operating expenses for the first quarter of 2011 decreased 2% to $7.5 million from $7.7 million in the same period last year. Research and development expenses for the three-month period ended March 31, 2011 decreased 3% to $5.6 million from $5.7 million in 2010.   The decrease is primarily due to lower personnel costs due mainly to the termination of our TNFerade trial.  These decreases are partially offset by increased expenses under our hearing programs.  

General and administrative expenses for the three-month period ended March 31, 2011 remained at approximately $1.9 million in each period. During the three-month period ended March 31, 2011 we experienced lower professional costs, offset by higher personnel costs.  

GenVec ended the first quarter of 2011 with $33.1 million in cash, cash equivalents, and investments.  

2011 Guidance"Our financial performance in the first quarter reflects our strategy of moving our technology and prod
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SOURCE GenVec, Inc.
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