Revenues for 2007 were $14 million, down 26 % from $18.9 million in 2006 primarily as a result of the successful completion of the one-time production of clinical-grade HIV vaccine supplies for a planned Phase IIb proof-of-concept trial to be conducted by the VRC. The decrease is also due, to a lesser extent, to the expiration of funding of the collaboration with Fuso Pharmaceutical Industries of Japan, effective December 31, 2006, for the development of targeted cancer therapies.
For the fourth quarter ended December 31, 2007, GenVec reported a net loss of $4.4 million, or $0.06 per share, compared with a net loss of $5.8 million, or $0.09 per share, for the comparable period of 2006. The company reported revenues of $3.7 million in the fourth quarter of 2007 compared to $3.5 million for the same period in 2006.
Douglas Swirsky, CFO of GenVec, said: “We anticipate revenues for 2008 will be between $18 million and $20 million, based on existing contracts and collaborations.”