THURSDAY, NOVEMBER 23, 2017

Vical reports 3rd-quarter revenue up compared to 2008

SAN DIEGO — Vical Inc. on Nov. 4 reported financial results for the quarter ended Sept. 30.

Revenues for the third quarter of 2009 increased to $3.9 million, compared with revenues of $800,000 for the third quarter of 2008, primarily as a result of increased revenue from AnGes MG Inc., related to funding of the company's Phase 3 Allovectin-7 trial, and contract manufacturing revenues for the delivery of a dengue vaccine to the U.S. Navy.

The net loss for the third quarter of 2009 was $7 million or 14 cents per share, compared with $9.8 million or 24 cents per share for the third quarter of 2008.

Revenues for the first nine months of 2009 were $10.1 million, compared with revenues of $5.3 million for the first nine months of 2008. The net loss for the first nine months of 2009 was $21.2 million, or 47 cents per share, compared with a net loss of $27.9 million, or 70 cents per share, for the first nine months of 2008. The decrease in net loss reflected the increased revenues as well as operational improvements resulting from the strategic restructuring implemented in November 2008.

Vical announced in early October that the U.S. Navy had awarded the company a contract for $1.25 million to support large-scale cGMP vaccine manufacturing and related clinical and regulatory preparations for a Phase 1 clinical trial of the company's vaccine against H1N1 influenza. The trial will be conducted in collaboration with the U.S. Naval Medical Research Center, a biomedical research organization within the Navy.

The company's DNA vaccine against H1N1 flu has demonstrated robust immune responses in 100 percent of vaccinated mice and rabbits against virus strains isolated from recent outbreaks in three distinct geographic locations — California, Texas and Mexico.

Vical researches and develops biopharmaceutical products based on its patented DNA delivery technologies for the prevention and treatment of serious or life-threatening diseases. Potential applications of the company's DNA delivery technology include DNA vaccines for infectious diseases or cancer. In addition, the company collaborates with major pharmaceutical companies and biotechnology companies that give it access to complementary technologies or greater resources.