SAN DIEGO, May 2, 2012 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today reported financial results for the quarter ended March 31, 2012. Revenues increased to $11.5 million for the first quarter of 2012 compared with $0.6 million for the first quarter of 2011, primarily as a result of the recognition of a $10 million milestone payment from Astellas Pharma Inc. for progress with TransVax™, Vical's therapeutic vaccine designed to control cytomegalovirus (CMV) reactivation in transplant recipients.
Net income was $0.2 million, which rounds to $0.00 per share, for the first quarter of 2012, compared with a net loss of $8.7 million, or $0.12 per share, for the first quarter of 2011. Vical had cash and investments of approximately $96 million at March 31, 2012. The company's first quarter 2012 net cash use was consistent with the company's prior guidance for the full year.
Development highlights to date in 2012 include:
TransVax™ CMV Vaccine
Anticipated program highlights for the remainder of 2012 include:
Vical will conduct a conference call and webcast today, May 2, at noon Eastern Time, to discuss with invited analysts and institutional investors the company's financial results and program updates. The call and webcast are open on a listen-only basis to any interested parties. To listen to the conference call, dial in approximately ten minutes before the scheduled call to (719) 325-4933 (preferred), or (877) 718-5107 (toll-free), and reference confirmation code 3816436. A replay of the call will be available for 48 hours beginning about two hours after the call. To listen to the replay, dial (719) 457-0820 (preferred) or (888) 203-1112 (toll-free) and enter replay passcode 3816436. The call also will be available live and archived through the events page at www.vical.com. For further information, contact Vical's Investor Relations department by phone at (858) 646-1127 or by e-mail at firstname.lastname@example.org.
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 which the expressed protein is an immunogen; cancer immunotherapeutics, in which the expressed protein is an immune system stimulant; and cardiovascular therapies, in which the expressed protein is an angiogenic growth factor. The company is developing certain infectious disease vaccines and cancer therapeutics internally. In addition, the company collaborates with major pharmaceutical companies and biotechnology companies that give it access to complementary technologies or greater resources. These strategic partnerships provide the company with mutually beneficial opportunities to expand its product pipeline and address significant unmet medical needs. Additional information on Vical is available at www.vical.com.
The Vical Incorporated logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5768
This press release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially from those projected. Forward-looking statements include net cash use guidance, as well as anticipated developments in independent and collaborative programs, including the initiation and completion of clinical trials. Risks and uncertainties include whether Vical or others will continue development of Allovectin®, TransVax™, the HSV-2 vaccine, or any other independent or collaborative programs; whether Vical will release top-line data from the company's Phase 3 registration trial of Allovectin® in patients with metastatic melanoma in late 2012, if at all; whether Astellas will initiate the planned HSCT trial of TransVax™ in the second half of 2012, if at all, and the planned SOT trial of TransVax™ shortly thereafter, if at all; whether Vical or others will initiate a Phase 1/2 clinical trial of the HSV-2 vaccine in 2013, if at all; whether preclinical results will be predictive of results in human clinical testing; whether Vical will achieve levels of revenues and control expenses to meet its financial projections; whether any product candidates will be shown to be safe and efficacious in clinical trials; the timing of clinical trials; whether Vical or its collaborative partners will seek or gain approval to market any product candidates; and additional risks set forth in the company's filings with the Securities and Exchange Commission. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.
|Selected Condensed Financial Information (Unaudited)|
|Statements of Operations||
Three Months Ended
|(in thousands, except per share amounts)||2012||2011|
|Contract and grant revenue||$ 1,221||$ 530|
|License and royalty revenue||10,239||119|
|Research and development||6,428||4,290|
|Manufacturing and production||2,472||2,748|
|General and administrative||2,700||2,328|
|Total operating expenses||11,600||9,366|
|Loss from operations||(140)||(8,717)|
|Net investment and other income||384||23|
|Net income (loss)||$ 244||$ (8,694)|
|Basic net income (loss) per share||$ 0.00||$ (0.12)|
|Diluted net income (loss) per share||$ 0.00||$ (0.12)|
|Weighted average shares used in basic net income (loss) calculation||84,519||71,893|
|Weighted average shares used in diluted net income (loss) calculation||86,124||71,893|
|Balance Sheets||March 31,||December 31,|
|Cash, cash equivalents, and marketable securities, including restricted||$ 94,261||$ 50,427|
|Other current assets||13,541||3,130|
|Total current assets||107,802||53,557|
|Property and equipment, net||5,968||6,226|
|Total assets||$ 118,937||$ 68,773|
|Liabilities and stockholders' equity:|
|Current liabilities||$ 7,266||$ 6,461|
|Total liabilities and stockholders' equity||$ 118,937||$ 68,773|
CONTACT: Alan R. Engbring Executive Director, Investor Relations Jill M. Broadfoot Senior Vice President and Chief Financial Officer (858) 646-1127 Website: www.vical.com