SAN DIEGO, Oct. 31, 2013 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today reported financial results for the three months and nine months ended September 30, 2013. Revenues were $1.5 million for the third quarter of 2013, compared with $2.2 million for the third 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 third quarter of 2013, compared with $7.7 million, or $0.09 per share, for the third quarter of 2012. The increase in net loss was primarily the result of previously disclosed personnel-related restructuring charges of approximately $2.2 million.
Revenues were $4.6 million for the first nine months of 2013, compared with $15.2 million for the first nine months of 2012. Revenues in the 2012 period included 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 $29.0 million, or $0.33 per share, for the first nine months of 2013, compared with $15.4 million, or $0.18 per share, for the first nine months of 2012.
Vical had cash and investments of approximately $61 million at September 30, 2013. The company's third quarter 2013 net cash use was consistent with the company's prior guidance for second half of 2013.Program highlights include: ASP0113 CMV Vaccine
- Astellas initiated a 500-patient Phase 3 trial of ASP0113 for hematopoietic cell transplant (HCT) recipients in June and expects to initiate a Phase 2 trial of ASP0113 for solid organ transplant (SOT) recipients by year-end 2013.
- The company is planning to initiate a Phase 1/2 clinical trial of its Vaxfectin ®-formulated therapeutic vaccine against herpes simplex virus type 2 (HSV-2) by year-end 2013.
- The company expects to present detailed data from its Phase 3 trial of Allovectin ® in patients with metastatic melanoma at a scientific conference in November.
|Selected Condensed Financial Information (Unaudited)|
|Statements of Operations||Three Months Ended Sept. 30,||Nine Months Ended Sept. 30,|
|(in thousands, except per share amounts)||2013||2012||2013||2012|
|Contract and grant revenue||$ 1,311||$ 1,682||$ 3,617||$ 4,267|
|License and royalty revenue||232||493||956||10,933|
|Research and development||4,500||3,682||12,080||13,901|
|Manufacturing and production||3,900||3,853||11,504||9,258|
|General and administrative||3,123||2,420||10,119||7,898|
|Total operating expenses||11,523||9,955||33,703||31,057|
|Loss from operations||(9,980)||(7,780)||(29,130)||(15,857)|
|Net investment and other income (expense)||97||54||84||507|
|Net loss||$ (9,883)||$ (7,726)||$ (29,046)||$ (15,350)|
|Basic and diluted net loss per share||$ (0.11)||$ (0.09)||$ (0.33)||$ (0.18)|
|Weighted average shares used in computing basic and diluted net loss per share||86,998||86,408||86,755||85,762|
|Balance Sheets||September 30,||December 31,|
|Cash, cash equivalents, and marketable securities, including restricted||$ 58,966||$ 83,857|
|Other current assets||1,829||2,152|
|Total current assets||60,795||86,009|
|Property and equipment, net||4,353||5,284|
|Total assets||$ 69,494||$ 96,522|
|Liabilities and stockholders' equity:|
|Current liabilities||$ 5,210||$ 5,779|
|Total liabilities and stockholders' equity||$ 69,494||$ 96,522|
CONTACT: David Schull Russo Partners (858) 717-2310 email@example.com Website: www.vical.com Anthony Ramos Vical Incorporated Chief Accounting Officer