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

vaccines against FMD, to explore applications of our technology in other areas of animal health.
  • We entered into a Cooperative Research and Development Agreement with the U.S. Naval Medical Research Center (NMRC) to support their dengue fever vaccine research. Under a separate contract with the Henry M. Jackson Foundation for the Advancement of Military Medicine, Inc., GenVec will receive funding for the development and preparation of vaccines related to this program.
  • We completed a reverse stock split and regained compliance with NASDAQ listing requirements.
  • Adel A.F. Mahmoud, M.D., Ph.D. and Edward M. Connor, Jr., M.D. were elected to the Company's Board of Directors adding to the Board's depth of knowledge in the areas of infectious disease and vaccine development.
  • Through our collaboration with the Department of Homeland Security (DHS), we completed a field safety study of our foot-and-mouth disease (FMD) vaccine.

  • 2011 Financial ResultsRevenue increased 8% to $17.7 million in 2011 from $16.5 million in 2010. The increase in 2011 is primarily due to increased revenue of $2.2 million and $1.1 million generated by our hearing loss and balance disorders and foot and mouth disease programs, respectively.  We entered into a collaboration agreement with Novartis in January 2010, which accounted for $3.8 million and $3.4 million of revenue in 2011 and 2010, respectively, and a development agreement related to the supply of clinical trial material related to activities under the collaboration agreement in August 2010, which accounted for $6.0 million and $4.4 million in revenue in 2011 and 2010, respectively.  Work scope under the two Novartis agreements resulted in increased revenue in 2011 as compared to 2010. Increased revenue associated with our foot and mouth disease program is due mainly to an increase in work scope under our agreements with the DHS.  Partially offsetting the increased revenue associated
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