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GenVec Reports Third Quarter 2012 Financial Results
Date:11/9/2012

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

GenVec reported a net loss of $4.0 million, or $0.31 per share for the three months ended September 30, 2012, compared with a net loss of $1.5 million, or $0.11 per share, in the comparable quarter of 2011. For the nine months ended September 30, 2012, GenVec's net loss was $10.9 million, or $0.84 per share, compared to a net loss of $4.9 million, or $0.38 per share, for the nine months ended September 30, 2011. 

"The third quarter was very productive for GenVec as we made important advancements in our vaccine programs as well as our collaboration with Novartis to develop treatments for hearing loss utilizing our core technology," commented Cynthia Collins, GenVec's President and CEO. "Specifically, we presented important data on our RSV program, entered into a new collaboration for our malaria program, and aligned our cost structure with our business strategy. We are encouraged by emerging data and new contracts that will leverage GenVec's proprietary adenoviruses that are capable of generating a broad immune response while avoiding the problems of vector specific immunity that have hampered other vectored vaccines."

Recent Highlights

  • Promising data were presented on GenVec's respiratory syncytial virus (RSV) vaccine program at the 8th Annual International Respiratory Syncytial Virus Symposium, demonstrating that GenVec's pre-clinical, universal RSV vaccine candidate is highly immunogenic and produces durable and broad protection from a single intramuscular administration.  Protection in cotton rat and mouse models was characterized by functional RSV neutralizing antibodies and no disease potentiation was observed.
  • GenVec completed a pre-IND meeting with
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