Operating expenses were $8.6 million and $17.8 million for the three-month and six-month periods ended June 30, 2009, respectively, representing decreases of 20 percent and 14 percent as compared to $10.6 million and $20.8 million in the comparable prior year periods. The decrease in both periods is primarily due to lower personnel costs, reduced patient, site, lab, data management, monitoring and materials costs related to our TNFerade(TM) program, reduced materials costs related to our funded programs, and reduced general lab materials and supplies. Also contributing to the decrease are lower professional, facility, and recruiting costs. These decreases are partially offset in both periods by increases related to the manufacturing costs of TNFerade arising from the letter agreement and subsequent termination of our Cobra contract and increases related to manufacturing costs related to our FMD program as compared to the prior year periods.
GenVec ended the second quarter of 2009 with $12.6 million in cash and investments.
"Based on existing contracts and collaborations, we anticipate revenues for 2009 will be between $15.0 million and $18.0 million. We project our cash burn to be between $8.0 million and $11.0 million for the 12 months ending June 30, 2010," commented Douglas J. Swirsky, GenVec's Senior Vice President and Chief Financial Officer. "In spite of the difficult economic times, GenVec continues to make strides in its therapeutic and vaccine programs. We look forward to sharing additional data from our pivotal trial in locally-advanced pancreatic cancer early next year."
Second Quarter and Recent Highlights
TNFerade for Cancer
|SOURCE GenVec, Inc.|
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