StockPreacher.com: GenVec's revenues for 2009 decline by 8%

StockPreacher.com announces an investment report featuring GenVec Inc. (Nasdaq:GNVC). The report includes financial, comparative and investment analyses, and industry information you need to know to make an educated investment decision.

The full report is available at: http://www.stockpreacher.com/n/GNVC

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GenVec Inc. (GNVC) is a clinical stage biopharmaceutical company developing gene-based therapeutic drugs and vaccines. Its lead product candidate, TNFerade biologic (TNFerade), is being developed for use in the treatment of cancer. Using GNVC's core adenovector technology, TNFerade stimulates the production of tumor necrosis factor alpha (TNFa), a known anti-tumor protein, in cells of the tumor. In addition to its therapeutic product development programs, GNVC is working with collaborators to develop new applications for its technology through its vaccine development programs. The Company is developing a vaccine in animal health against foot-and-mouth disease and preventative vaccines for malaria, human immunodeficiency virus (HIV), respiratory syncytial virus and Herpes Simplex Virus Type 2 (HSV-2). 

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In the report, the analyst notes:

"Revenues for 2009 were $13.9 million, down 8% from $15.1 million in 2008 primarily due to decreased revenue associated with the Company's agreement with the Department of Homeland Security (DHS) of $3.2 million. The lower revenue under the DHS agreement is a result of decreased work scope and effort in 2009 as compared to the 2008 period. 

"GNVC recently announced that it is discontinuing its phase 3 clinical trial of TNFerade™ in patients with locally advanced pancreatic cancer based on results of an interim analysis. This interim analysis of overall survival, conducted after the 184th death (two-thirds of total expected events), was designed to determine whether the study should continue."