Reports 2007 Financial Results and Progress in Product Development Programs

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原帖由论坛会员Rojjer发表于 2008-2-24 12:01

SAN DIEGO, Feb. 21 /PRNewswire-FirstCall/ -- Vical Incorporated
(Nasdaq: VICL) today reported financial results for the year ended December
31, 2007. Vical had cash and investments of approximately $71 million at
year-end 2007, which is expected to be sufficient to fund operations at
least through 2009.

    The reported net loss for 2007 was $35.9 million, or $0.92 per share,
and the cash burn for 2007 was $29 million, which were both consistent with
the company's guidance of a projected net loss of between $32 million and
$37 million and cash burn of $27 million to $32 million. The net loss for
2007 reflects the company's investment in advancing the following product
development programs:


    --  The initiation of a Phase 3 clinical trial for the company's
        Allovectin-7(R) cancer immunotherapeutic as first-line therapy in
        chemotherapy-naive patients with recurrent Stage III or IV metastatic
        melanoma, which is being funded through cash payments and equity
        investments by AnGes MG, Inc., under a collaborative agreement;

    --  Advancement in its Phase 2 clinical trial of a DNA vaccine candidate
        for cytomegalovirus (CMV) in donors and recipients undergoing
        hematopoietic stem cell transplants, including a new arm targeting
        vaccination of recipients only; and

    --  Advancement of its DNA vaccine candidate for pandemic influenza from
        preclinical development to initiation of a Phase 1 clinical trial.

    The company is projecting a net loss for 2008 of between $32 million
and $37 million. Including anticipated cash payments and equity investments
from AnGes in support of the Allovectin-7(R) Phase 3 trial, the company is
projecting an effective cash burn for 2008 of between $27 million and $32
million.


    Anticipated program highlights for 2008 include:

    --  Submission of a filing for marketing approval in Japan by the
        company's licensee, AnGes MG, Inc., based on previously announced
        positive results from a Phase 3 angiogenesis trial involving DNA-based
        delivery of Hepatocyte Growth Factor (HGF), an angiogenic growth
        factor, in patients with advanced peripheral arterial disease;

    --  Update by the company's licensee, sanofi aventis Group, on an ongoing
        Phase 3 trial for the DNA-based delivery of Fibroblast Growth Factor 1
        (FGF-1), an angiogenic growth factor, intended to promote the growth
        of blood vessels in patients with reduced blood flow to the limbs to
        reduce the need for amputations;

    --  Pandemic influenza DNA vaccine candidate Phase 1 safety and
        immunogenicity data in the first half of 2008;

    --  CMV vaccine candidate Phase 2 interim efficacy analysis in the second
        half of 2008;

    --  Accelerating patient enrollments and completion of geographic
        expansion of clinical sites in the company's Phase 3 trial of
        Allovectin-7(R); and

    --  Publication of data from a DNA vaccine clinical trial conducted by the
        NIH for Severe Acute Respiratory Syndrome (SARS).

    Conference Call

    Vical will conduct a conference call and webcast to discuss the
financial results and program updates with invited analysts and
institutional investors today, February 21, at noon Eastern Time. The call
and webcast are open on a listen-only basis to any interested parties. To
listen to the conference call, dial in approximately ten minutes before the
scheduled call to (888) 600-4883, or (913) 312-6683 for international
participants, and reference confirmation code 5814630. A replay of the call
will be available for 48 hours beginning about two hours after the call. To
listen to the replay, dial (888) 203-1112, or (719) 457-0820 for
international participants, and enter replay passcode 5814630. The call
also will be available live and archived through the events page at
http://www.vical.com. For further information, contact Vical's Investor
Relations department by phone at (858) 646-1127 or by e-mail at
info@vical.com.

    About Vical

    Vical researches and develops biopharmaceutical products based on its
patented DNA delivery technologies for the prevention and treatment of
serious or life-threatening diseases. Potential applications of the
company's DNA delivery technology include DNA vaccines for infectious
diseases or cancer, in which the expressed protein is an immunogen; cancer
immunotherapeutics, in which the expressed protein is an immune system
stimulant; and cardiovascular therapies, in which the expressed protein is
an angiogenic growth factor. The company is developing certain infectious
disease vaccines and cancer therapeutics internally. In addition, the
company collaborates with major pharmaceutical companies and biotechnology
companies that give it access to complementary technologies or greater
resources. These strategic partnerships provide the company with mutually
beneficial opportunities to expand its product pipeline and address
significant unmet medical needs. Additional information on Vical is
available at http://www.vical.com.

    Forward-Looking Statements

    This press release contains forward-looking statements subject to risks
and uncertainties that could cause actual results to differ materially from
those projected, including: whether the company will achieve levels of
revenues and control expenses to meet projected financial performance;
whether Vical or others will continue development of Allovectin-7(R), the
company's CMV vaccine candidate, the company's pandemic influenza vaccine
candidate, the angiogenesis product candidates, or any other product
candidates being developed by Vical, its collaborators or licensees;
whether Vical, its collaborators or licensees will be able to recruit
patients into clinical trials as planned, if at all; whether Vical will
receive all of the clinical trial funding from AnGes under the
collaborative agreement, which will depend on continued development of
Allovectin-7(R) and certain other conditions, as well as AnGes' compliance
with its contractual obligations under the agreement; whether AnGes MG will
file for Japanese marketing approval of its HGF angiogenesis product
candidate, and if so, whether such approval will be granted; whether Sanofi
Aventis will complete its Phase 3 trial of its FGF-1 angiogenesis product,
and if so, whether it will successfully reduce the need for amputations;
whether the company's Phase 1 pandemic influenza vaccine safety and
immunogenicity data will be available in the first half of 2008 as
anticipated; whether the company's Phase 2 CMV vaccine interim efficacy
data will be available in the second half of 2008 as anticipated; whether
the NIH will publish data from its SARS vaccine trial; whether
Allovectin-7(R), the company's CMV vaccine candidate, the company's
pandemic influenza vaccine candidate, the angiogenesis product candidates,
or any other product candidates being developed by Vical, its collaborators
or licensees will be shown to be safe and effective in clinical trials; the
timing, nature and cost of clinical trials; and additional risks set forth
in the company's filings with the Securities and Exchange Commission. These
forward-looking statements represent the company's judgment as of the date
of this release. The company disclaims, however, any intent or obligation
to update these forward-looking statements.
VICAL INCORPORATED
             Selected Condensed Financial Information (Unaudited)

                                    Three Months Ended     Twelve Months Ended
    Statements of Operations             December 31,          December 31,
     (in thousands, except per        2007       2006       2007        2006
      share amounts)

    Revenues:
      Contract and grant revenue      $580     $1,122      $4,574     $14,213
      License and royalty revenue      191        181         938         527
    Total revenues                     771      1,303       5,512      14,740
    Operating expenses:
      Research and development       5,620      5,661      22,934      18,514
      Manufacturing and production   2,728      2,638      13,762      13,588
      General and administrative     2,253      2,303       9,078       9,055
    Total operating expenses        10,601     10,602      45,774      41,157
      Loss from operations          (9,830)    (9,299)    (40,262)    (26,417)
      Net investment income            969      1,377       4,368       3,269
    Net loss                       $(8,861)   $(7,922)   $(35,894)   $(23,148)
    Basic and diluted
     net loss per share             $(0.23)    $(0.21)     $(0.92)     $(0.74)
    Shares used to calculate
      basic and diluted net loss
      per share                     39,195     37,819      39,190      31,434



    Balance Sheets                                            December 31,
    (in thousands)                                          2007       2006
    Assets:
      Cash, cash equivalents, and marketable securities   $71,489    $100,393
      Other current assets                                  1,261       5,049
        Total current assets                               72,750     105,442
      Property and equipment, net                          12,287      13,500
      Other assets                                          5,548       6,307
    Total assets                                          $90,585    $125,249

    Liabilities and stockholders' equity:
      Current liabilities                                  $8,108      $8,153
      Long-term obligations                                 2,565       2,973
      Stockholders' equity                                 79,912     114,123
    Total liabilities and stockholders' equity            $90,585    $125,249