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GenVec Reports Third Quarter 2009 Financial Results
Date:11/5/2009

GAITHERSBURG, Md., Nov. 5 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC) today announced its financial results for the third quarter ended September 30, 2009. GenVec reported a net loss of $3.6 million ($0.04 per share) for the three months ended September 30, 2009 compared to a net loss of $6.8 million ($0.08 per share) in the comparable quarter of 2008. For the nine months ended September 30, 2009, GenVec's net loss was $14.1 million ($0.15 per share), compared to a net loss of $19.6 million ($0.24 per share) for the nine months ended September 30, 2008.

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Revenues for the three-month and nine-month periods ended September 30, 2009 were $2.9 million and $10.5 million, respectively, compared to revenues of $4.2 million and $11.8 million in the comparable prior year periods. For each period in 2009 we experienced decreased revenue under the FMD program due mainly to the scope of work performed compared to the prior year periods. We also had lower revenue under the malaria program for the nine-month period ended September 30, 2009 due mainly to the work performed under the new contract which did not begin until the second quarter of 2009. The decreases noted above were offset by an increase in revenue associated with our HIV program in the nine-month period ended September 30, 2009 due mainly to increased research, assay, and process development efforts as compared to the comparable prior year period.

Operating expenses were $6.5 million and $24.3 million for the three-month and nine-month periods ended September 30, 2009, respectively, representing decreases of 42 percent and 24 percent as compared to $11.2 million and $32.0 million in the comparable prior year perio
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