GenVec Reports Second Quarter 2008 Financial Results

GenVec, Inc. (Nasdaq:GNVC) today announced its financial results for the second quarter ended June 30, 2008. GenVec reported a net loss of $6.6 million ($0.08 per share) compared to a net loss of $4.2 million ($0.06 per share) in the comparable quarter of 2007. This increase was primarily due to increased development costs for the Company’s lead product candidate, TNFerade™ Biologic. For the six months ended June 30, 2008, GenVec’s net loss was $12.8 million ($0.17 per share), compared to a net loss of $10.2 million ($0.14 per share) for the six months ended June 30, 2007. Included in the net loss for the first six months of 2008 was stock-based compensation of $1.1 million, which is comparable to the same period in the prior year. Revenues for the three-month and six-month periods ended June 30, 2008 were $3.9 million and... [read full story]