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

ue to increased revenue of $7.5 million generated by our hearing loss and balance disorders  program.  We entered into a research collaboration and license agreement with Novartis in January 2010, which accounted for $3.4 million of revenue in 2010, and a development agreement related to the supply of clinical trial material related to activities under the collaboration agreement in August 2010, which accounted for $4.4 million in revenue in 2010.  The two Novartis agreements resulted in increased revenue in 2010 as compared to 2009 when the only work performed for our hearing loss and balance disorders program was performed under a grant from the University of Kansas. Partially offsetting the increased revenue associated with our hearing loss and balance disorders program is decreased revenue of $3.0 million and $2.2 million associated with our HIV and FMD programs, respectively, as compared to the prior years due to reduced work scope under each program.

Operating expenses for 2010 decreased 9% to $29.1 million from $31.9 million in 2009.  Research and development expenses decreased 15% to $20.9 million in 2010 from $24.7 million in 2009. The decrease is primarily due to lower costs related to the development of TNFerade including personnel, manufacturing costs, patient costs, and professional service costs related to our TNFerade pancreatic clinical trial, due to the termination of the clinical trial in the first quarter of 2010.  

General and administrative expenses increased 14% to $8.2 million in 2010 from $7.2 million in 2009. General and administrative expenses were higher in 2010 primarily due to higher professional service costs and facility costs, partially offset by lower depreciation costs.

Fourth Quarter 2010 ResultsFor the fourth quarter ended December 31, 2010, GenVec reported a net loss of $1.0 million, or $0.01 per share, compared with a net loss of $4.3 million, or $0.04 per share, for the comparab
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SOURCE GenVec, Inc.
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