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GenVec Reports Second Quarter 2012 Financial Results
Date:8/9/2012

GAITHERSBURG, Md., Aug. 9, 2012 /PRNewswire/ -- Today GenVec, Inc. (NASDAQ: GNVC) announced financial results for the three months and six months ended June 30, 2012.

GenVec reported a net loss of $3.7 million, or $0.28 per share, compared with a net loss of $1.2 million, or $0.10 per share, in the comparable quarter of 2011. For the six months ended June 30, 2012, GenVec's net loss was $6.9 million, or $0.53 per share, compared to a net loss of $3.5 million, or $0.27 per share, for the six months ended June 30, 2011. 

"In the first six months of the year we continued to make progress in our collaboration with Novartis to develop treatments for hearing loss utilizing our core technology," commented Cynthia Collins, GenVec's President and CEO. "In addition, our vaccine programs in RSV and HSV are moving forward.  We are currently conducting the requisite IND (Investigational New Drug) enabling studies for our RSV and HSV programs that we expect will increase their value and attractiveness to potential partners and could allow these programs to move into clinical development as early as next year."

GenVec recently completed a pre-IND meeting with the U.S. Food and Drug Administration (FDA) to obtain guidance on the development plan for its vaccine against RSV.  The goal of the pre-IND meeting was to obtain clarification on the nonclinical, clinical, and chemistry, manufacturing, and control (CMC) requirements that need to be met in order to submit an acceptable IND. "We appreciate the guidance and help we obtained in our FDA discussions. Based on the feedback we received, we believe that we have a solid development plan for our RSV program," said Ms. Collins.

Recent Highlights

  • Cynthia Collins was appointed as President and Chief Executive Officer of GenVec, Inc. to succeed Paul H. Fischer.
  • GenVec received conditional li
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  • SOURCE GenVec, Inc.
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