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

s decreased 18% to $14.3 million in 2012 from $17.4 million in 2011.  In 2012 we experienced lower research and development costs than in the prior year due primarily to decreased manufacturing costs in the hearing and FMD programs, the closeout of the PACT trial, reduced personnel costs as a result of our reduction in force, reduced material costs for our funded programs, and reduced equipment purchases under our hearing and FMD programs.  These decreases were partially offset by increased outside costs for our other research programs as compared to 2011.

General and administrative expenses increased 17% to $9.1 million in 2012 from $7.8 million in 2011.  General and administrative expenses were higher in 2012 primarily due to personnel costs, which included approximately $1.3 million in non-recurring employment costs.

Fourth Quarter 2012 ResultsFor the fourth quarter ended December 31, 2012, GenVec reported a net loss of $3.2 million, or $0.24 per share, compared with a net loss of $2.5 million, or $0.19 per share, for the comparable prior year period.  The Company reported revenues of $1.5 million in the fourth quarter of 2012 compared to $3.4 million for the same period in 2011.  This decrease was primarily due to reduced revenue related to both our hearing loss and balance disorders program, $1.3 million, and FMD program, $0.2 million.  Reduced revenue in each case is due to a reduced work scope in the 2012 period as compared to the same period in 2011.  Research and development expenses decreased 21% in 2012 from $3.9 million in the fourth quarter of 2011 to $3.1 million in the fourth quarter of 2012 due mainly to reduced personnel and manufacturing costs.  General and administrative expenses in the fourth quarter of 2012 decreased 20% to $1.6 million from $2.0 million in the comparable period in 2011 primarily due to decreased personnel and recruiting costs, partially offset by higher professional costs.
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