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GenVec Reports Second Quarter 2009 Financial Results
Date:8/6/2009

GAITHERSBURG, Md., Aug. 6 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC) today announced its financial results for the second quarter ended June 30, 2009.

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GenVec reported a net loss of $4.8 million ($0.05 per share) for the three months ended June 30, 2009 compared to a net loss of $6.6 million ($0.08 per share) in the comparable quarter of 2008. For the six months ended June 30, 2009, GenVec's net loss was $10.5 million ($0.12 per share), compared to a net loss of $12.8 million ($0.17 per share) for the six months ended June 30, 2008.

Revenues for the three-month and six-month periods ended June 30, 2009 were $3.8 million and $7.6 million, respectively, compared to revenues of $3.9 million and $7.6 million in the comparable prior year periods. For the three-month and six-month periods ended June 30, 2009 we experienced decreases in revenues associated with our FMD and malaria programs, partially offset by increased revenue associated with our HIV program, as compared to the comparable prior year periods. Lower revenues under both the FMD and malaria programs in each period are due mainly to the scope of work performed in the current periods as compared to the prior year. Also contributing to the lower revenue under the malaria program for the six-month period is the limited work conducted prior to the signing of the 2009 contract at the end of March 2009. The increase in revenue associated with our HIV program in each period is due mainly to increased research and process development efforts as compared to the comparable prior year periods.


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SOURCE GenVec, Inc.
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