Vical third-quarter revenues down, results consistent with guidance

By Lisa Kerner

Charlotte, N.C., Nov. 2 - Vical Inc. reported revenues for the third quarter ended Sept. 30 of $0.6 million, down from $2.7 million for the same period of 2005.

The net loss for the quarter was $7.5 million, or $0.24 per share, compared with $6.1 million, or $0.26 per share, for the third quarter of 2005.

Vical said its financial results were consistent with the company's guidance of a projected adjusted net loss for the full year 2006 of between $22 million and $26 million.

The company had cash and investments of approximately $70 million at Sept. 30, including the net proceeds of $9.7 million from a registered direct offering in August.

During the quarter, Vical announced that a single injection of its avian influenza DNA vaccine candidate provided 100% protection in ferrets against lethal challenge with a highly virulent H5N1 virus. Also during the quarter, the company was issued U.S. Patent No. 7,105,574 covering both the novel Vaxfectin adjuvant and its use with conventional vaccines against infectious diseases and cancer.

Vical is a San Diego-based biopharmaceutical company.

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