genvec inc (GNVC) Key Developments
GenVec, Inc. Announces Executive Changes
Dec 9 14
On December 5, 2014, the board of directors of GenVec, Inc. designated James V. Lambert, to serve as the company's principal financial officer and principal accounting officer, effective immediately. Mr. Lambert will continue in his role as senior director, accounting and finance, a position he has held since 2010, prior to which he served in a variety of positions at the company since October 2006, including Senior Controller. He will also now serve as corporate controller and treasurer. Douglas J. Swirsky, who previously also served as the company's chief financial officer, principal financial officer and principal accounting officer, will no longer serve in those capacities. Mr. Swirsky will continue in his role as the company's president and chief executive officer and corporate secretary.
GenVec, Inc. Appoints Stegman & Company as Auditor
Dec 9 14
GenVec, Inc. at its AGM held on December 5, 2014, the shareholders approved the appointment of Stegman & Company as the independent registered public accounting firm for the year ending December 31, 2014.
GenVec, Inc. Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Expects Cash Burn for 2014
Nov 12 14
GenVec, Inc. reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the three-month period ended September 30, 2014, the company reported a net loss of $1.6 million or $0.10 per basic and diluted share on revenues of $0.3 million as compared to a net loss of $3.0 million or $0.23 per basic and diluted share on revenues of $1.6 million in the same period in the prior year. The decrease in revenue for the three-month period ended September 30, 2014 was primarily due to a decrease in revenue of $1.4 million associated with the malaria vaccine development efforts at the U.S. Naval Medical Research Center which was terminated in July 2013. This decrease was partially offset by an increase in revenue of $0.1 million associated with the animal health program which resulted from increased work scope. Loss from operations was $1.605 million against $2.963 million a year ago.
For the nine-month period ended September 30, 2014, the company reported a net loss of $4.2 million or $0.27 per basic and diluted share on revenues of $2.5 million as compared to a net loss of $9.1 million or $0.71 per basic and diluted share on revenues of $3.5 million in the same period in the prior year. The decrease in revenue for the nine-month period ended September 30, 2014 primarily resulted from a decrease of $1.5 million associated with its malaria program. Additionally, there were reductions in revenue of $0.5 million with respect to its FMD program and $0.6 million because of reduced work scope and grant work performed for NIH programs and malaria programs. Loss from operations was $4.245 million against $9.148 million a year ago.
For 2014, the company expects cash burn between $6 million and $7 million not including milestones from the Novartis collaboration. The company believes that existing resources, combined with anticipated near-term milestones, are sufficient to fund the company's operations into the foreseeable future.
GenVec, Inc. Presents Preclinical Data for it's RSV Vaccine Candidate at the 9Th RSV Symposium
Nov 11 14
GenVec, Inc. announced that data exploring the immune responses generated by its vaccine candidate, GV2311, were presented at the 9th International Respiratory Syncytial Virus (RSV) Symposium being held in South Africa. These data were presented by Dr. Teresa R. Johnson, Chair of the Microbiology and Immunology Department of the Edward College of Osteopathic Medicine in Virginia. GV2311 utilizes GenVec's proprietary gorilla adenovector platform. These vectors are designed to produce superior performance in gene-based vaccines, including induction of durable high-level antibody responses as well as high-level T cell responses. They have also been shown to induce increased immune responses on repeat administration. In the experiments described in the presentation, kinetics of RSV clearance in RSV and GV2311 immunized mice were determined on days 1 and 5 post-infection with low dose (10(5) plaque-forming units, PFU) and with high dose (10(6) PFU) RSV A2 challenge. Vaccine-induced T cells were evaluated in BALB/c mice immunized with RSV or GV2311 by in vivo depletion of CD4 and CD8 T cells (alone or in combination) at challenge. Similarly, wild-type or Jh transgenic mice (deficient in antibodies and mature B cells) were immunized, then challenged with RSV. Neutralizing antibody, RSV titers, and T cell function were measured in all experiments.
GenVec, Inc., Annual General Meeting, Dec 05, 2014
Nov 4 14
GenVec, Inc., Annual General Meeting, Dec 05, 2014., at 08:30 US Eastern Standard Time. Location: 910 Clopper Road Suite 220N. Agenda: To approve and adopt an amendment to the Company’s Amended and Restated Certificate of Incorporation to de-classify the Company’s Board of Directors (the “Board of Directors” or the “Board”) and provide for the annual election of directors; to elect the two directors to the Board of Directors; to approve by a non-binding advisory vote the compensation of the Company’s named executive officers as disclosed in the attached Proxy Statement; to ratify the appointment of Stegman & Company as the Company’s independent registered public accounting firm for the year ending December 31, 2014; to ratify awards granted under the GenVec, Inc. 2011 Omnibus Incentive Plan as set forth in the attached Proxy Statement; to ratify the Board-approved limits on the size of equity awards that may be granted to any one person during any one calendar year under the 2011 Plan; and to act upon any other matter that may properly come before the Annual Meeting or any adjournment or postponement thereof.