SAN DIEGO, Aug. 7 /PRNewswire-FirstCall/ -- Vical Incorporated (Nasdaq: VICL) today reported financial results for the quarter ended June 30, 2007. Revenues for the second quarter of 2007 were $3.1 million, compared with revenues of $7.3 million for the second quarter of 2006. The net loss for the second quarter of 2007 was $8.2 million, or $0.21 per share, compared with a net loss of $3.2 million, or $0.11 per share, for the second quarter of 2006. The increase in net loss reflected a proactive reduction of contract manufacturing activity and higher spending for advancement of the company's independent development programs.
Based on anticipated activities for the remainder of 2007, including acceleration of the company's pandemic influenza vaccine program, the company is revising its projection to a full-year net loss of between $32 million and $37 million and a net cash burn for the full year, excluding equity investments, of $27 million to $32 million. Vical had cash and investments of $82 million at June 30, 2007.
Pandemic Influenza IND Allowed
-- Vical has received notification of Investigational New Drug (IND)
allowance for its Phase 1 trial of the company's
Vaxfectin(TM)-formulated pandemic influenza DNA vaccine, and now
expects to initiate the trial earlier than originally planned during
the second half of 2007.
Other Advances in Product Development Programs
-- The company's licensee, AnGes MG, Inc. (AnGes), reported positive
results following an interim efficacy evaluation in its Japanese Phase
3 angiogenesis trial of its gene-based Hepatocyte Growth Factor (HGF)
product candidate in patients with advanced peripheral arterial disease
(PAD). Based on the recommendation of an Independent Data Monitoring
Committee, AnGes ended the trial early and is preparing an application
for Japanese marketing approval.
-- Vical announced
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