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.
We are projecting a net cash burn for 2012 of $17 million to $22 million, this includes the $10 million milestone payment from Astellas, along with contract services, revenues offset by plans pre-commercialization, preparations for (inaudible). It also includes pre-clinical studies and manufacturing of our HSB2 vaccine in preparation for a phase one slash two clinical trial.Vijay will describe these efforts in more detail. With that, I’ll turn the call back to Vijay. Vijay Samant Thank you, Jill. I will start today with our Phase III Allovectin Program and the timing guidance we updated this morning. As a reminder, this physical trial for patients with metastatic melanoma was scattered out in – on SBA. It enrolled 390 subjects from Jan 2007 to Feb 2010, and the enrollment is not complete. They were randomized two to one to receive either Allovectin or the physician choice of (inaudible) or tyrosinamide which are the standard chemotheraphy drugs used for melanoma. We enrolled subjects with Stage III or Stage IV disease up to M1b, excluding lower and (inaudible) with no prior chemotherapy, and normal levels of LDH. These factors reflect the fair – experience gained from our Phase II study. We have two efficacy end-points of this trial, the primary end-point is object response rate at 24 weeks or more after randomization, and the secondary end-point if overall survival. The databases for these two-end points can be processed separately, but wide [ph] will remain unblended until both are finished, this is a very important point, will reach the end of the maximum two-year period later this month for the last subjects enrolled in the study. After the last subjects go off the study, they’ll complete the side audits and log the data base for the primary end-point which is overall survival which is our object response rate. An independent committee of radiologists and oncologists will then review the data in a blinded fashion with no enrolment or access by Vical. Read the rest of this transcript for free on seekingalpha.com