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GenVec reports $1.5M loss in 3Q report

GenVec Inc., a Gaithersburg-based clinical-stage gene delivery company, reported a net loss of $1.5 million, or $0.09 per share, on revenues of $200,000 for the quarter ended Sept. 30, company officials announced Monday.

Those results are compared with a net loss of $1.6 million, or $0.10 per share, on revenues of $300,000, for the same period in the prior year. For the nine months ended Sept. 30, GenVec reported a net loss of $4.9 million, or $0.30 per share, on revenues of $700,000, compared with a net loss of $4.2 million, or $0.27 per share, on revenues of $2.5 million, for the same period in the prior year. GenVec ended the third quarter of 2015 with $9.9 million in cash, cash equivalents and investments.

“Dosing of the third cohort in the Phase 1/2 trial of CGF166 in patients with severe to profound hearing loss is underway and we are encouraged with the progress being made in the trial,” GenVec’s President and CEO Doug Swirsky said. “We continue to expand our business development efforts to generate value from our proprietary technologies and we look forward to additional data emerging from our partnerships.”