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Vical Incorporated's CEO Discusses Q3 2011 Results - Earnings Call Transcript

Now, I would like to introduce Vical’s President and Chief Executive Officer, Mr. Vijay Samant.

Vijay Samant – President and Chief Executive Officer

Thank you, Alan, and welcome. We have made terrific progress in our key development programs during the third quarter and the momentum is continuing as we approach year-end. I’ll provide an update on these programs today, but first let me pass on to our CFO, Jill Broadfoot, who’ll start the call with a review of our third quarter financial results.

Jill Broadfoot – Chief Financial Officer

Thank you, Vijay. Our TransVax license agreement with Astellas drove financial results for the third quarter and is expected to have a continued impact. As we reported earlier today, third quarter 2011 revenues were $26.6 million, compared with $2.3 million for the third quarter of 2010, which was primarily a result of the initial upfront payment recognized under the TransVax license. With relatively flat operating expenses quarter-over-quarter, the increase in revenues resulted in a net income of $16.4 million for the third quarter of 2011 compared with a net loss of $6.8 million for the third quarter last year. We ended the third quarter with cash and investments of approximately $62 million and we expect to end the year with cash and investments of $53 million to $56 million.

As we advance through the development of TransVax over the next few years, we expect to receive ongoing reimbursement by Astellas of our costs for TransVax related activities, which should offset a portion of our operating expenses. We will provide net cash burn guidance for 2012 when we announce year-end 2011 financial results in February.

With that, I will turn the call back to Vijay.

Vijay Samant – President and Chief Executive Officer

Thank you, Jill. I’ll start today with our lead program, Allovectin for metastatic melanoma. As we approach completion of our pivotal trial, the excitement around this novel immunotherapy is increasing and we are starting to get frequent questions on some common topics in our one-on-one sessions or our face-to-face presentations. I wanted to take this opportunity today to address some of those questions in the single forum so everybody has the same answers.

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