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

ites in the blood, was seen in 4 out of 15 volunteers who had been inoculated with the vaccine and subsequently challenged with the malaria parasite.

ANIMAL HEALTH PROGRAMS

  • We entered into an agreement with Merial to develop and commercialize GenVec's proprietary vaccine technology for use against foot-and-mouth disease (FMD). Merial is the leading FMD vaccine producer in the world, with leading positions in all key markets. Under the agreement, Merial will be responsible for all costs related to the development and commercialization of FMD vaccines developed through the collaboration. GenVec will receive development milestones and royalties on sales.

  • We entered into a new contract with the Department of Homeland Security (DHS) to continue the development of adenovector-based vaccines against FMD. Under this contract, GenVec will use its adenovector technology to develop additional FMD serotype candidate vaccines. GenVec will also explore methods to increase the potency and simplify the production process of FMD vaccines developed under this contract as well as its previous contract with the DHS announced in 2007.

  • FINANCIAL & OTHER

  • We conducted a strategic review process and announced a revised strategy for the company focused on the use of our differentiated, proprietary technology to create superior therapeutics and vaccines that are developed and commercialized through collaborations.

  • We significantly increased our cash position by completing a $28.0 million financing from institutional investors. Proceeds of this transaction, net of offering costs, totaled $26.1 million.

  • We were awarded a cash grant of approximately $244,479 under the U.S. Government's Qualifying Therapeutic Discovery Project program for the Company's oncology program.

  • 2010 Financial ResultsRevenue increased 19% to $16.5 million in 2010 from $13.9 million in 2009. The increase in 2010 is primarily d
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    SOURCE GenVec, Inc.
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