Vical Incorporated (NASDAQ:VICL) Net Loss Declines In 3Q2015

988

Vical Incorporated (NASDAQ:VICL) announced financial results for the three months ended September 30, 2015. The net loss for 3Q2015 came at $0.3 million against a net loss of $4.4 million for the same quarter of 2014.

The numbers

Vical Incorporated (NASDAQ:VICL) reported that revenue for 3Q2015 stood at $5.0 million, higher than the reported revenue of $3.4 million in 3Q2014, highlighting increased sales from Astellas Pharma Inc. for provided manufacturing services under ASP0113 collaborative deals. ASP0113 is company’s therapeutic vaccine developed to prevent cytomegalovirus disease and related complications in transplant recipients.

The company recorded positive cash flow of $0.2 million in 3Q2015. Vical cash and investments stood at $43.9 million at end of September 2015 against $49.1 million at end of December 2014. The company is revising its 2015 full fiscal cash burn guidance in a range of $7 million-$9 million, a decline in cash burn from its initial estimates of $9 million-$12 million.

Program updates

Vical Incorporated (NASDAQ:VICL) provides updates on its ASP0113 CMV Vaccine program. The company stated that enrollment process in the multinational Phase III registrational study in nearly five-hundred hematopoietic cell transplant recipients is underway. Astellas has decided the first endpoint as a composite of overall CMV end organ disease and mortality and has planned togive up the adaptive trial design.

Astellas is in discussions with regulatory bodies to get their concurrence on the finalized endpoint. It projects enrollment in the study to be completed by 3Q2016, with the top-line report being available in the last quarter of 2017. Pertaining to the Enrollment process in the multinational Phase II study in kidney transplant patients, the company reported that it is complete. The first endpoint of this study is the incidence of CMV viremia and the trial is powered to demonstrate nearly 50% decline in CMV viremia at 1-year after transplantation.

Subscribe to get your free report!

* indicates required
*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.