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GenVec Reports Fourth Quarter and 2011 Year-End Financial Results
Date:3/15/2012

GAITHERSBURG, Md., March 15, 2012 /PRNewswire/ -- Today GenVec, Inc. (NASDAQ: GNVC) announced financial results for the fourth quarter and year ended December 31, 2011.  For the year ended December 31, 2011, the Company reported a net loss of $7.4 million, or $0.58 per share, compared with a net loss of $12.3 million, or $0.97 per share, for the year ended December 31, 2010. GenVec ended the year with $26.4 million in cash, cash equivalents, and short-term investments.  

"In 2011 we made significant progress in our hearing loss program, partnered with Novartis, and advanced the development of our attractive portfolio of vaccine opportunities. We also enhanced our differentiated, proprietary core technology, adding further value to our product pipeline. We believe 2012 has the potential for important advances in these programs," stated Paul H. Fischer, Ph.D., GenVec's President and CEO.

2011 and Recent Corporate Highlights

  • We extended our Research Collaboration and License Agreement with Novartis (NYSE: NVS).  Under the extension, Novartis will fund research at GenVec through January 2013 to support its hearing loss and balance disorders program.
  • We achieved the second milestone in our research collaboration with Novartis which was triggered by the successful completion of certain preclinical development activities.  After this achievement, we are eligible to receive up to an additional $206.0 million in milestone payments if certain clinical, regulatory, and sales milestones are met, in addition to royalties on future sales.
  • Research was published describing how GenVec technology, utilizing a vector targeted to supporting cells and limited in expression to those cells, can be used to restore balance function in an animal model.
  • We expanded our relationship with Merial, initially focused on the development of
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