Thursday November 26 2009 | Biotechnology feed | All feeds
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GenVec, Inc.http://www.genvec.com GenVec, Gaithersburg Maryland, United States of America. GenVec, Inc. (NASDAQ: GNVC) is a biopharmaceutical company developing novel gene-based therapeutic drugs and vaccines. Each of our gene-based therapeutic product candidates use a common patent Ticker - GenVec Reports Third Quarter 2009 Financial ResultsThursday 5th of November 2009 16:17-- GenVec was awarded a SBIR grant, valued at approximately $300,000, from the National Cancer Institute of the NIH to support the research of a new approach to treating metastatic cancer.Conference Call Information GenVec will hold a conference call at 10:00 a.m. EST on Friday, November 6, 2009 to discuss the Company's third quarter results. To listen to the live conference call, please dial 888-679-8040 (U.S. or Canada) or 617-213-4851 (international) and use access code 35178683. Participants may pre-register for the call anytime at: https://www.theconferencingservice.com/prereg/key.process?key=PPCBK3H6R. Pre-registrants will be issued a PIN number to use when dialing into the live call, which will provide quick access to the conference. An audio replay of the conference call will be available starting at 1:00 p.m. on November 6, 2009 through November 12, 2009. To listen to the audio replay, dial 888-286-8010 (U.S. or Canada) or 617-801-6888 (international) and use access code 28987203. A live webcast of the conference call will be available on the Company's website and will be archived for 30 days. To access the webcast or the replay, go to www.genvec.com, click on "Investor Relations," and click on "Webcasts and Data." About GenVec GenVec, Inc. is a biopharmaceutical company developing novel therapeutic drugs and vaccines. GenVec's lead product, TNFerade(TM), is currently in a pivotal clinical study (PACT) in locally advanced pancreatic cancer. TNFerade has also been and is currently being evaluated for its potential use in the treatment of several other cancers, including esophageal cancer, rectal cancer, and head and neck cancer. GenVec also uses its proprietary adenovector technology to develop vaccines for infectious diseases including HIV, malaria, foot-and-mouth disease, influenza, respiratory syncytial virus (RSV), and HSV-2. Additional information about GenVec is available at www.genvec.com and in the Company's various filings with the Securities and Exchange Commission. Statements herein relating to future financial or business performance, conditions or strategies and other financial and business matters, including expectations regarding future revenues and operating expenses, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. GenVec cautions that these forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by GenVec to secure and maintain relationships with collaborators; risks relating to certain of our product candidates being in early stages of development; uncertainties relating to clinical trials; risks relating to the commercialization, if any, of GenVec's proposed product candidates; dependence on the efforts of third parties; dependence on intellectual property; and risks that we may lack the financial resources and access to capital to fund our operations. Further information on the factors and risks that could affect GenVec's business, financial conditions and results of operations, are contained in GenVec's filings with the U.S. Securities and Exchange Commission (SEC), which are available at www.sec.gov. These forward-looking statements speak only as of the date of this press release, and GenVec assumes no duty to update forward-looking statements. (Tables to Follow)
GenVec, Inc.
Condensed Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------- ------------------
2009 2008 2009 2008
Revenue $2,926 $4,205 $10,502 $11,797
Operating expenses:
Research and development 4,774 9,545 19,159 25,594
General and administrative 1,719 1,701 5,102 6,430
Total operating expenses 6,493 11,246 24,261 32,024
----- ------ ------ ------
Loss from operations (3,567) (7,041) (13,759) (20,227)
Interest income 2 183 37 600
Interest expense, net 3 56 (62) 8
Other - (37) (268) (30)
Net loss - ---- ----- ----
$(3,562) $(6,839) $(14,052) $(19,649)
======= ======= ======== ========
Basic and diluted loss
per share $(0.04) $(0.08) $(0.15) $(0.24)
====== ====== ====== ======
Shares used in computing
basic and diluted net
loss per share 101,001 88,422 93,953 80,884
======= ====== ====== ======
GenVec, Inc.
Selected Balance Sheet Information
(in thousands)
September 30, December 31,
2009 2008
---- ----
(Unaudited)
Cash and investments $14,230 $17,357
Working capital 10,753 11,728
Total assets 16,513 22,767
Stockholders' equity 11,608 13,091
Investor Contact: Media Contact:
GenVec, Inc. Tiberend Strategic Advisors, Inc.
Danielle M. DiPirro Andrew Mielach
(301) 944-1877 (212) 827-0020
ddipirro@genvec.com amielach@tiberendstrategicadvisors.com
SOURCE GenVec, Inc. Browse other news from this organisation: GenVec, Inc. Source PR Newswire  |
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