GenVec Reports Third Quarter 2009 Financi...(ds. The decrease in both periods is prim...)

Date:11/5/2009

ds. The decrease in both periods is primarily due to lower personnel costs, professional fees, 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.

GenVec ended the third quarter of 2009 with $14.2 million in cash and investments.

"Based on existing contracts and collaborations, we anticipate revenues for 2009 will be between $14.0 million and $16.0 million. We project our cash burn to be between $12.0 million and $14.0 million for the 12 months ending September 30, 2010 although our spending will be heavily influenced by the availability of capital," commented Douglas J. Swirsky, GenVec's Senior Vice President and Chief Financial Officer. "Our primary focus remains on TNFerade and the PACT trial and we look forward to sharing additional data from this pivotal trial next year."

Third Quarter and Recent Highlights

• GenVec has enrolled 277 patients in the pivotal PACT trial as of October 31, 2009.
• GenVec's lead product candidate, TNFerade, was granted orphan drug designation by the FDA. Orphan drug designation provides potential financial and regulatory incentives including study design assistance, waiver of FDA user fees, tax credits, and up to seven years of market exclusivity upon marketing approval.
• GenVec signed a contract with the SAIC for the development of influenza and HIV vaccines in support of the Vaccine Research Center (VRC) of the National Institute of Allergy and Infectious Disease (NIAID), part of the National Institutes of Health (NIH). This four-year contract has a total value of over $22 million if all options are exercised. Over the next year, GenVec will receive approximately $2.6 million under the base year of the contract.
• GenVec was awarded an approximately $2.5 million Small Business Innovation and
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SOURCE GenVec, Inc. Copyright©2009 PR Newswire. All rights reserved

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