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GenVec cuts loss, grows revenue in 1Q

GenVec Inc., of Gaithersburg, a biopharmaceutical company developing novel gene-based drugs and vaccines, reported a first-quarter net loss of $1 million, or 7 cents per diluted share, on revenue of $2.1 million, compared to a net loss of $3 million, or 24 cents per diluted share, on revenue of $1.2 million for the year-ago period.

A single analyst who covers the company forecast earnings of 4 cents per share on revenue of $2 million.

In commenting on the results, the company attributed the reduced loss and revenue increase to a $2 million milestone payment from Novartis, a Swiss drug maker with which it has a collaborative agreement related to its hearing loss and balance disorders program.