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GenVec Reports Fourth Quarter and 2010 Year-End Financial Results
Date:3/10/2011

GAITHERSBURG, Md.,  March 10, 2011 /PRNewswire/ -- Today GenVec, Inc. (Nasdaq: GNVC) announced financial results for the fourth quarter and year ended December 31, 2010.  For the year ended December 31, 2010, the Company reported a net loss of $12.3 million, or $0.10 per share, compared with a net loss of $18.4 million, or $0.19 per share, for the year ended December 31, 2009. GenVec ended the year with $35.2 million in cash, cash equivalents, and short-term investments.  

"In 2010 we made significant progress in our partnership with Novartis and our vaccine programs. We have significantly reduced our burn rate, and we are focused on executing a sustainable business strategy of using our differentiated, proprietary technology to create superior therapeutics and vaccines that are developed and commercialized through collaborations," stated Paul H. Fischer, Ph.D., GenVec's President and CEO.

2010 and Recent Corporate Highlights THERAPEUTIC PROGRAMS

  • We entered into a research collaboration and license agreement with Novartis to discover and develop novel treatments for hearing loss and balance disorders. In exchange for the world-wide rights to our preclinical hearing loss and balance disorders program, we received a $5.0 million upfront payment and Novartis purchased $2.0 million in GenVec common stock. If certain clinical, regulatory, and sales milestones were met, we were eligible, at the inception of the agreement, to receive up to an additional $206.6 million in milestone payments in addition to royalties on future sales.

  • We entered into an additional agreement with Novartis for development services relating to the companies' collaboration. Under this additional agreement, GenVec could receive approximately $13 million over four years to manufacture clinical trial material for up to two lead candidates, of which we recognized $
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  • SOURCE GenVec, Inc.
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