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TNFerade maker reports increase in revenues, dip in losses during Q3.
2004 DEC 1 - (NewsRx.com & NewsRx.net) -- GenVec, Inc., (GNVC), announced financial results for the third quarter and 9 months ended September 30, 2004.
GenVec reported higher revenues and a lower net loss for the third quarter and first 9 months of 2004 compared with the same periods last year. GenVec reported a net loss of $4.8 million or $0.09 per share on revenues of $2.9 million for the quarter ended September 30, 2004 compared to a net loss of $4.9 million or $0.14 per share on revenues of $2.4 million in the comparable quarter of 2003.
For the 9 months ended September 30, 2004, the company reported a net loss of $15.2 million or $0.28 per share on revenues of $8.8 million compared to a net loss of $16.0 million or $0.60 per share on revenues of $8.1 million for the comparable 9-month period in 2003. GenVec ended the third quarter of 2004 with $38.8 million in cash and investments.
Revenue for the third quarter of 2004 increased 24% and was primarily derived from the company's vaccine research and development programs with the U.S. National Institutes of Health (NIH) and the Malaria Vaccine Initiative and from a contract with Fuso Pharmaceutical Industries to develop a targeted cancer therapy.
The company realized higher revenues in 2004 under its funded research and development contract with the NIH as the company completed the production and release of HIV vaccine clinical supplies that are now being used by the NIH in a phase I dose-escalation study. Revenues in the fourth quarter of 2004 are expected to be derived from continuing activities under the company's vaccine development programs and ...
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Source: HighBeam Research, TNFerade maker reports increase in revenues, dip in losses during Q3.