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

le prior year period.  The Company reported revenues of $5.2 million in the fourth quarter of 2010 compared to $3.4 million for the same period in 2009.  This increase was primarily due to our collaboration with Novartis that began in 2010, we reported revenues of $3.2 million in the fourth quarter of 2010 with no revenue reported for this collaboration in the comparable period in 2009.  This increase was partially offset by a decrease in revenue associated with our HIV vaccine development program. Research and development expenses decreased 11% in 2010 from $5.5 million in the fourth quarter of 2009 to $4.9 million in the fourth quarter of 2010 due mainly to reduced personnel costs and costs related to the development of TNFerade, partially offset by increased manufacturing and development costs related to our hearing program. General and administrative expenses in the fourth quarter of 2010 decreased 26% to $1.5 million from $2.1 million in the comparable period in 2009 primarily due to reduced personnel costs and depreciation costs, partially offset by higher professional costs.

2011 GuidanceGenVec's Senior Vice President and Chief Financial Officer, Douglas J. Swirsky, commented, "For 2011, we anticipate our cash burn will be between $5.0 million and $7.0 million. In 2011, we foresee revenues from grants and collaborations totaling between $23.0 million and $25.0 million."

Conference Call Information GenVec will hold a conference call at 10:00 a.m. EST on Friday, March 11, 2011 to discuss the Company's financial results and 2011 business outlook. To listen to the live conference call, please dial 877-558-0567 (U.S. or Canada) or 706-643-4980 (international) and use the following Conference ID: 47418441. An audio replay of the conference call will be available starting at 1:00 p.m. EST on March 11, 2011 through March 17, 2011. To listen to the audio replay, dial 800-642-1687 or 706-645-9291 (international) and use access code 4
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