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Biopharmaceutical company announces first quarter 2004 financial results.
2004 JUN 2 - (NewsRx.com & NewsRx.net) -- Vical Incorporated (VICL) reported revenues of $0.9 million for the first quarter which ended March 31, 2004, compared with revenues of $0.9 million for the first quarter of the prior year.
Grant revenues for the company's cytomegalovirus (CMV) vaccine program and increased royalty payments were offset by a decrease in contract revenues resulting from the timing of bulk DNA vaccine shipments.
The net loss for the first quarter of 2004 was $9.1 million or $0.45 per share, compared with a net loss of $7.0 million or $0.35 per share for the first quarter of 2003.
The increase in net loss reflected spending for the company's infectious disease vaccine programs, lower investment income, and an accrual for settlement of the company's dispute with the Wisconsin Alumni Research Foundation. The net loss for the first quarter of 2003 included a $0.5 million write-down of the company's investment in Corautus Genetics Inc.
The first quarter 2004 net loss was consistent with the company's projected net loss for ...
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Source: HighBeam Research, Biopharmaceutical company announces first quarter 2004 financial...