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

tion of field safety studies in 2012.

Operating expenses were $6.2 million and $12.6 million for the three-month and six-month periods ended June 30, 2012, respectively, as compared to $6.0 million and $13.5 million in the comparable prior year periods. The increase in the three-month period ended June 30, 2012, as compared to the comparable prior year period is due mainly to higher general and administrative personnel costs and equipment costs associated with our hearing program.  These increases are partially offset by lower manufacturing costs associated with our FMD program and, to a lesser extent, our hearing program.  The decrease in the six-month period ended June 30, 2012, as compared to the comparable prior year period is due mainly to reduced manufacturing costs associated with our hearing program partially offset by higher general and administrative personnel costs.  In each of the three-month and six-month periods ended June 30, 2012, we experienced reduced costs associated with the closure of our TNFerade trial.

GenVec ended the second quarter of 2012 with $20.9 million in cash, cash equivalents, and short-term investments. "Based on our current operations, we anticipate that we will have sufficient capital to fund our operations for the next 2 years," commented GenVec's Senior Vice President and Chief Financial Officer, Douglas J. Swirsky. "That runway is likely to be extended through the end of 2014, subject to the achievement of certain milestones under our collaboration agreements."

Conference Call InformationGenVec will hold a conference call today at 10:00 a.m. EDT to discuss the Company's second quarter financial results. 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: 47686784. An audio replay of the conference call will be available starting at 1:00 p.m. EDT on August 9, 2012, through August 16, 2012. To lis
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SOURCE GenVec, Inc.
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