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GenVec slices loss in 4th quarter

GenVec Inc., of Gaithersburg, a biopharmaceutical company developing novel gene-based drugs and vaccines, reported a loss of $887,000, or 7 cents per diluted share, for the fourth quarter of 2013, versus a loss of $3.2 million, or 24 cents per share, for the prior-year period.

Fourth-quarter revenue was $145,000 versus $1.5 million in the 2012 period.

The sole analyst who covers the company did not offer a forecast of fourth-quarter results.

In commenting on the results, the company said the revenue decrease was related to reduced work scope in the 2013 period compared to the 2012 quarter, as well as workforce reductions in 2013.