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Allovectin-7 developer announces third-quarter 2002 financial results.

Vaccine Weekly

| December 18, 2002 | COPYRIGHT 2002 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

2002 DEC 18 - (NewsRx.com & NewsRx.net) -- Vical, Inc., (VICL) reported revenues of $2.5 million for the third quarter which ended September 30, 2002, compared with revenues of $2.4 million for the third quarter of the prior year.

Revenues for the 9 months ended September 30, 2002, were $6.5 million compared with $6.6 million for the 9 months ended September 30, 2001.

The net loss for the third quarter of 2002 was $10.2 million or $0.51 per share, compared with a net loss of $2.6 million or $0.13 per share for the third quarter of 2001. For the 9 months ended September 30, 2002, Vical's net loss was $20.5 million or $1.02 per share, compared with a net loss of $7.8 million or $0.39 per share for the first 9 months of 2001.

The company had cash, cash equivalents, and marketable securities of $119 million at September 30, 2002, compared with $134 million at December 31, 2001.

Vijay B. Samant, Vical's president and CEO, said, "Vical will focus the company's cancer research resources on treatments for metastatic melanoma. We expect our expanded Allovectin-7 phase II trial to determine whether higher dosing will provide the level of efficacy ...

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Source: HighBeam Research, Allovectin-7 developer announces third-quarter 2002 financial results.

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