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Biotech / Medical : VICL (Vical Labs)

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From: bob zagorin11/2/2005 9:54:12 AM
   of 1972
 
goldman sachs actually sounds positive but....

VICL rptd Q3/05 loss of $0.26, $0.01 worse than our est due to higher expenses. In
Q3/05, VICL (1)initiated a P2 trial for a DNA vaccine against HIV (2)finalized a P2
protocol for a therapeutic CMV vaccine (3)granted MRK options to cancer vaccine
targets in exchange for sublicenseable rights on HIV vaccines (4)received $3.4MM in
grants for a DNA vaccine against avian influenza & for rapid manufacturing, and
(5)planned to develop a DNA vaccine against HIV using electroporation delivery
technology. We revised our 2005-07 loss est for the better to $0.99, $0.93 & $0.94
from $1.04, $1.20 & $1.13 mainly due to higher share count. VICL has a broad
technology platform in DNA gene delivery, solid partners & 2 years cash position.
While VICLs rating remains Underperform based on our distribution system, we are
encouraged by recent developments on the pipeline. Our coverage view remains
Neutral.
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