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Vical announces second-quarter 2002 financial results.(Brief Article)
2002 SEP 4 - (NewsRx.com & NewsRx.net) -- Vical, Inc., (VICL) announced that financial results for the quarter ended June 30, 2002, met expectations, and reflected continuing progress in the company's product development programs.
The company reported second quarter 2002 revenues of $2.4 million compared with second quarter 2001 revenues of $1.8 million. Results for the second quarter of 2002 include a $1.0 million payment from Merial for the exercise of additional options under a 1995 agreement for veterinary preventive infectious disease vaccines, and a license payment from Centocor.
The net loss for the second quarter of 2002 was $5.0 million or $0.25 per share, compared with a net loss of $3.3 million or $0.16 per share for the second quarter of 2001.
For the 6 months ended June 30, 2002, Vical's net loss was $10.2 million or $0.51 per share, compared with a net loss of $5.3 million or $0.26 per share for the first 6 months of 2001. The company had cash, cash equivalents, and marketable securities of $123.3 million at June 30, 2002, compared with $134.1 million at December 31, 2001. Vical's projected net loss for the full year 2002 remains between $28-$32 million.
Vijay B. Samant, Vical's president and CEO, said, "During the second quarter of 2002, Vical has seen significant progress on numerous fronts. Our financial performance was consistent with expectations, and our development programs have progressed as planned."
He noted that ...
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