Vical Reports Second Quarter 2013 Financial Results

barbara.lempert

, Projects Phase 3 Data Release in August and Establishes Quiet Period
SAN DIEGO, Aug. 1, 2013 (GLOBE NEWSWIRE) — Vical Incorporated (Nasdaq:VICL) today reported financial results for the three months and six months ended June 30, 2013. Revenues were $ 1.5 million for the second quarter of 2013 compared with $ 1.6 million for the second quarter of 2012, reflecting ongoing reimbursements from Astellas Pharma Inc. for expenses related to the development of ASP0113 (TransVax™), Vical’s therapeutic vaccine designed to control cytomegalovirus (CMV) reactivation in transplant recipients. The net loss was $ 9.9 million, or $ 0.11 per share, for the second quarter of 2013, compared with $ 7.9 million, or $ 0.09 per share, for the second quarter of 2012.
Revenues were $ 3.0 million for the first half of 2013 compared with $ 13.0 million for the first half of 2012. The 2012 revenue includes the recognition of a $ 10 million milestone payment from Astellas for progress with ASP0113 which occurred in the first quarter of 2012. The net loss was $ 19.2 million, or $ 0.22 per share, for the first half of 2013, compared with $ 7.6 million, or $ 0.09 per share, for the first half of 2012.
Vical had cash and investments of approximately $ 70 million at June 30, 2013. The company’s net cash uses in the first half of 2013 were slightly below the company’s forecast range. The company expects to provide net cash use guidance for the second half of 2013 after analyzing the financial implications of results from its Phase 3 registration trial of Allovectin®.
Program highlights include:
Allovectin®
•    Top-line results from the company’s Phase 3 registration trial of Allovectin®, previously projected for release in the third quarter of 2013, are now expected to be released in August.
•    Following today’s scheduled conference call, as described below, and extending until the release of top-line…Read more

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