March 12, 2010 — Gaithersburg-based GenVec, Inc. (Nasdaq: GNVC) reported a net loss of $18.4 million, or $0.19 per share for the year's end, compared with a net loss of $26.1 million, or $0.31 per share for the year ended December 31, 2008. GenVec ended the year with $11 million in cash and total investments.

"2009 was one of GenVec's most eventful years. While we have been awaiting the second interim analysis data from the pivotal trial of our lead product candidate, TNFerade, we have continued to make significant progress in our vaccine programs, create a more stable financial platform for GenVec, and make great strides in business development. We are particularly excited about the partnership with Novartis for hearing loss that was announced earlier this year. We look forward to continued progress—as well as the anticipated data from the PACT tria-—in 2010," said Paul H. Fischer, Ph.D., GenVec's President and CEO, in a statement.

Source: GenVec, Inc.