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GenVec Reports Fourth Quarter And 2012 Year-End Financial Results
Date:3/22/2013

GAITHERSBURG, Md., March 22, 2013 /PRNewswire/ -- Today GenVec, Inc. (NASDAQ: GNVC) announced financial results for the fourth quarter and year ended December 31, 2012.  For the year ended December 31, 2012, the Company reported a net loss of $14.1 million, or $1.09 per share, compared with a net loss of $7.4 million, or $0.58 per share, for the year ended December 31, 2011. GenVec ended the year with $15.3 million in cash, cash equivalents, and short-term investments. 

"In 2012 we continued to make progress in our hearing restoration program, partnered with Novartis, and advanced the development of our product pipeline and core technologies," stated Cynthia Collins , GenVec's President and CEO.  "Other changes implemented since my joining GenVec in May were reducing our workforce to preserve capital and discontinuing spending on non-funded programs.  We continue to seek sources of non-dilutive funding to advance our programs and to reduce expenses to preserve cash."

2012 and Recent Corporate HighlightsHearing Restoration

  • We extended our Research Collaboration and License Agreement with Novartis.  Under the extension, Novartis will fund research at GenVec through January 2014 to support its hearing loss and balance disorders program.
  • RSV Vaccine

  • GenVec conducted a successful pre-IND interaction with the U.S. Food and Drug Administration (FDA) to obtain guidance on the development plan for its vaccine against respiratory syncytial virus (RSV).  The outcome of the pre-IND interaction was obtaining clarification on the nonclinical, clinical, and chemistry, manufacturing, and control (CMC) requirements that need to be met in order to submit an acceptable IND.
     
  • GenVec received a grant of approximately $590,000 over two years from the Natio
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  • SOURCE GenVec, Inc.
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