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Vical's CEO Discusses Q4 2011 Results - Earnings Call Transcript

These forward-looking statements represent the companies judgments as of today. The company disclaims however, any intent or obligations to update these forward-looking statements.

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

Vijay Samant

Thank you, Alan, and welcome everyone, we had a productive fourth quarter, a productive full year in 2011, and we are poised for an exciting 2012. We have met steady progress in our key development programs. I’ll provide the dates in each of these programs on the call today, but before doing that, let me pass on to CFO, Jill Broadfoot to start the call with a review of our latest financial results. Jill?

Jill Broadfoot

Thank you, Vijay. Our revenues for 2011 were $30 million as compared to $8.7 million in 2010. 2011 revenues included $28 million from the upfront payment, an initial contract services under our transact license agreement with Astellas. We are eligible to receive another $10 million milestones payment from Astellas as we advance for initiation of the upcoming transact – and continuing reimbursements for contract services including development and regulatory support as well as manufacturing of clinical trial materials.

The increase in revenues decrease our net loss for 2011 to $7.3 million or $0.10 per share, compared with a net loss for 2010 of $30.4 million or $0.51 per share. As a result, our net cash burn for the year was $4 million, and we ended the year with cash and equivalent of $56 million which was at the high end of our guidance.

On January 6th we completed a $50 million follow-on offering [ph] that generated net proceeds of $46.6 million. Today, the underwriters exercise a portion of the over allotment for an additional $2 million in net proceeds, per total net proceeds of $49 million, combined with our year-end cash balance, we believe we have sufficient capital to support our on-going operations, and plan development and pre commercialization activities through at least the end of 2013.

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