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GenVec Reports Second Quarter 2011 Financial Results
Date:8/9/2011

GAITHERSBURG, Md., Aug. 9, 2011 /PRNewswire/ -- GenVec, Inc. (NASDAQ: GNVC) today announced its financial results for the three months and six months ended June 30, 2011.  

"During the second quarter we made significant progress in key programs including our collaboration with Novartis to develop treatments for hearing loss and balance disorders," said Dr. Paul Fischer, President and Chief Executive Officer. "We enter the second half of 2011 with strong momentum and look ahead to achieving key objectives in this collaboration as well as in our vaccine programs including foot-and-mouth disease and respiratory syncytial virus."

Recent Events

  • In April, research was published describing how GenVec technology, utilizing a vector targeted to supporting cells and limited in expression to those cells, can be used to restore balance function in an animal model.
  • In May, we expanded our relationship with Merial, the animal health division of sanofi-aventis, to include the evaluation of our technology for use against swine diseases.
  • In May, we regained compliance with NASDAQ listing requirements.
  • At the Company's annual meeting in June, Adel A.F. Mahmoud, M.D., Ph.D. and Edward M. Connor, Jr., M.D. were elected to the Company's Board of Directors adding to the Board's expertise in the areas of infectious disease and vaccine development.

  • Financial Results for the Three and Six Months Ended June 30, 2011GenVec reported a net loss of $1.2 million ($0.10 per share) for the three months ended June 30, 2011 compared to a net loss of $4.2 million ($0.33 per share) in the comparable quarter of 2010. For the six months ended June 30, 2011, GenVec's net loss was $3.5 million ($0.27 per share) compared to a net loss of $8.9 million ($0.72 per share) for the six months ended June 30, 2010.  

    Revenues for the three-month an
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    SOURCE GenVec, Inc.
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