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GenVec Reports Third Quarter 2010 Financial Results
Date:11/8/2010

GAITHERSBURG, Md., Nov. 8, 2010 /PRNewswire-FirstCall/ -- GenVec, Inc. (Nasdaq: GNVC) today announced its financial results for the third quarter ended September 30, 2010.  

GenVec reported a net loss of $2.4 million ($0.02 per share) for the three months ended September 30, 2010 compared to a net loss of $3.6 million ($0.04 per share) in the comparable quarter of 2009. For the nine months ended September 30, 2010, GenVec's net loss was $11.3 million ($0.09 per share) compared to a net loss of $14.1 million ($0.15 per share) for the nine months ended September 30, 2009.  

Revenues for the three-month and nine-month periods ended September 30, 2010 were $5.2 million and $11.3 million, respectively, representing increases of 76 percent and 7 percent as compared to $2.9 million and $10.5 million in the comparable prior year periods. The increase for the three and nine-month periods ended September 30, 2010 is primarily due to increased revenue associated with our hearing loss and balance disorder program and collaboration with Novartis that began in January 2010.  During the three and nine-month periods ended September 30, 2010 our revenues for this program increased $3.1 million and $4.5 million, respectively.  Partially offsetting the increase in revenue associated with our hearing loss and balance disorder program is lower revenue under both the foot and mouth disease (FMD) and HIV programs, a result of the decreased work scope and effort in 2010 as compared to the 2009 periods.  Revenue for the three and nine-month periods ended September 30, 2010 associated with our FMD program decreased $267,000 and $2.4 million, respectively, as compared to the prior year periods.  Revenue for the three and nine-month periods ended September 30, 2010 associated with our HIV program decreased $0.7 million and $1.6 million, respectively, as compared to t
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