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Vical's CEO Discusses Q2 2012 Results - Earnings Call Transcript

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

Vijay Samant

Thank you, Alan, and welcome to all our participants in the call today. I’ll review the status of our key development program and our expectations for the remainder of this year into 2013. But before I begin, I want to forward the baton on to our CFO, Jill Broadfoot, to give you our latest financial highlights. Jill?

Jill Broadfoot

Thank you, Vijay. We enjoyed continued financial strength through the second quarter of 2012. Revenues increased to $1.6 million for the second quarter of 2012 compared with $800,000 for the second quarter of 2011. The increase in revenues was driven primarily by reimbursements from Astellas for our costs and expenses in support of the TransVax program. Total operating expenses for the second quarter of 2012 were $9.5 million, consistent with the $9.3 million for the second quarter of 2011. Our net loss for the second quarter of 2012 was $7.9 million or $0.09 per share compared with a net loss of $8.4 million or $0.12 per share for the second quarter of 2011. We ended the first half of 2012 with cash and equivalents of $97 million including the $10 million milestone payment we received from Astellas in the second quarter, for which we recognized the revenue in the first quarter. We remain on track with our full-year 2012 cash burn forecast of $17 million to $22 million and believe we have sufficient capital for our planned activities through at least the end of 2013.

I will now turn the call back to Vijay.

Vijay Samant

Thank you, Jill. I’ll begin today with an update on our lead program, Allovectin, which is approaching completion of a pivotal Phase 3 trial of metastatic melanoma. I’ll remind you briefly of the program details. We enrolled 390 subjects with 2:1 randomization. The trial started in January of 2007, ended in February 2010. Our trial followed up to two years of treatment. So, the last patient had to complete treatment by February of 2012. We completed the last follow-up visits in March of 2012 and completed the final data audits by the end of May.

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