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GenVec Reports Third Quarter 2011 Financial Results
Date:11/9/2011

GAITHERSBURG, Md., Nov. 9, 2011 /PRNewswire/ -- GenVec, Inc. (Nasdaq: GNVC) today announced its financial results for the third quarter ended September 30, 2011.  

GenVec reported a net loss of $1.5 million ($0.11 per share) for the three months ended September 30, 2011 compared to a net loss of $2.4 million ($0.18 per share) in the comparable quarter of 2010. For the nine months ended September 30, 2011, GenVec's net loss was $4.9 million ($0.38 per share) compared to a net loss of $11.3 million ($0.90 per share) for the nine months ended September 30, 2010.  

Revenues for the three-month period ended September 30, 2011 were $4.3 million as compared to $5.2 million in the comparable prior year period.  The decrease is primarily due to a $0.8 million decrease in revenue from our collaboration with Novartis related to the timing of manufacturing activities and efforts in 2011, and a $0.4 million decrease in revenue due to decreased work scope in our HIV program. Partially offsetting these decreases is a $0.3 million increase in revenue in our animal health program as compared to the comparable prior year period.

Revenues for the nine-month period ended September 30, 2011 were $14.4 million as compared to $11.3 million in the comparable prior year period, primarily due to a $3.2 million increase under the Novartis agreements and a $1.2 million increase in our animal health program. Partially offsetting these increases is a $1.4 million decrease in revenue in our HIV program as compared to the comparable prior year period.  

Operating expenses were $5.8 million and $19.3 million for the three-month and nine-month periods ended September 30, 2011, respectively, representing decreases of 23 percent and 15 percent as compared to $7.5 million and $22.6 million in the comparable prior year periods. The decreases in both the three and nine mon
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SOURCE GenVec, Inc.
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