August 7...
GenVec Reports Second Quarter 2015 Financial Results
GAITHERSBURG, Md., Aug. 7, 2015 /PRNewswire/ -- GenVec, Inc. ( NASDAQ: GNVC) today reported financial results for the second quarter ended June 30, 2015. For the three months ended June 30, 2015, GenVec reported a net loss of $1.9 million, or $0.11 per share, on revenues of $0.1 million, compared with a net loss of $1.7 million, or $0.10 per share, on revenues of $0.1 million, for the same period in the prior year. For the six months ended June 30, 2015, GenVec reported a net loss of $3.4 million, or $0.21 per share, on revenues of $0.5 million, compared with a net loss of $2.6 million, or $0.17 per share, on revenues of $2.3 million, for the same period in the prior year. GenVec ended the second quarter of 2015 with $11.1 million in cash, cash equivalents, and investments.
"In the second quarter, we continued to support Novartis in their ongoing Phase 1/2 testing of CGF166 in hearing loss and are encouraged with the recent progress made. Internally, we expanded our corporate development efforts with a focus on further developing our pipeline through additional partnerships and collaborations," said Doug Swirsky, GenVec's president and CEO. "We recently began a number of research collaborations using our proprietary gorilla adenovectors including collaborations with Washington University around targeted therapeutics and vaccines, with TheraBiologics on neural stem cell mediated therapies for cancer, and with the Laboratory of Malaria Immunology and Vaccinology on novel vaccines to block the transmission of malaria. We believe that these types of collaborations are a highly cost-effective way to build the value of GenVec's technologies." |
