Vical books smaller 3Q loss on lower costs
Vical says research and manufacturing costs declined in 3rd quarter, leading to smaller loss
SAN DIEGO (AP) -- Drug developer Vical Inc. on Tuesday reported a slightly smaller third-quarter loss as its expenses decreased.
Vical said it lost $6.8 million, or 12 cents per share, down from $7 million, or 14 cents per share, a year ago. Its revenue fell to $2.3 million from $3.9 million but costs for research and development, and manufacturing and production declined.
The company said its contract and grant revenue declined to $1.6 million from $2 million, and license and royalty revenue fell to $684,000 from $1.9 million. Vical received less revenue from its partner AnGes MG because a trial of a drug the companies are developing -- the cancer therapy Allovectin-7 -- is almost complete. However, that also meant that Vical had to spend less on clinical trial costs.
Analysts expected a loss of 14 cents per share on $2.7 million in revenue, according to a survey by Thomson Reuters.
In afternoon trading, shares of Vical slipped 3 cents to $2.17. |
