-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
VyYJ1rUd9uREQCuUGx0o0g8iGUO1gM66/Z8IkmTfluO1zTmtnSkCSigxfq9cR8ro
qoNu5Q+0gFe/zXj9RBEFkg==
UNITED STATES Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of Date of Report (Date of earliest event reported): February 10, 2011 Item 2.02. Results of Operations and Financial Condition. On February 10, 2011, Vical Incorporated issued a press release announcing, among other things, its unaudited financial results for the three months and twelve months ended December 31, 2010. A copy of the press release is attached as Exhibit 99.1 to this Current Report.
Item 9.01. Financial Statements and Exhibits. (d) Exhibits.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INDEX TO EXHIBITS
SECURITIES AND EXCHANGE COMMISSION
The Securities Exchange Act of 1934
Vical Incorporated
(Exact name of registrant as specified in its charter)
Delaware
000-21088
93-0948554
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
10390 Pacific Center Court
San Diego, California
92121-4340
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (858) 646-1100
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
The information in this Item 2.02, and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.
99.1 Press release issued by Vical Incorporated on February 10, 2011.
Vical Incorporated
Date: February 10, 2011
By:
/s/ JILL M. BROADFOOT
Jill M. Broadfoot
Senior Vice President, Chief Financial Officer and Secretary
Exhibit No.
Description
99.1
Press release issued by Vical Incorporated on February 10, 2011.
EXHIBIT 99.1
SAN DIEGO, Feb. 10, 2011 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today reported financial results for the year ended December 31, 2010. Vical had cash and investments of approximately $61 million at year-end 2010. The company received approximately $37 million of net proceeds from the sale of equity securities during 2010.
Revenues for 2010 were $8.7 million, compared with revenues of $12.7 million for 2009. The net loss for 2010 was $30.4 million, or $0.51 per share, compared with a net loss of $28.6 million, or $0.61 per share, for 2009. The net cash burn for 2010, excluding cash received from financings, was approximately $29 million, compared with approximately $22 million for 2009. The company is projecting a net cash burn for 2011 of between $22 million and $27 million, including projected cash from new or expanded partnerships for which we do not currently have contracts.
Development highlights during 2010 included:
Allovectin-7®
TransVax™ CMV Vaccine
Prophylactic CMV Vaccine
H1N1 Influenza Vaccine
Herpes Simplex Vaccines
Collaborations
Manufacturing Contract
Anticipated program highlights for 2011 include:
Conference Call
Vical will conduct a conference call and webcast today, February 10, at noon Eastern Time, to discuss with invited analysts and institutional investors the company's financial results and program updates. 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 (913) 312-1493 (preferred), or (888) 710-4022 (toll-free), and reference confirmation code 3159114. A replay of the call will be available for 48 hours beginning about two hours after the call. To listen to the replay, dial (719) 457-0820 (preferred) or (888) 203-1112 (toll-free) and enter replay passcode 3159114. The call also will be available live and archived through the events page at www.vical.com. For further information, contact Vical's Investor Relations department by phone at (858) 646-1127 or by e-mail at ir@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 www.vical .com.
The Vical Incorporated logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5768
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. Forward-looking statements include net loss and net cash burn guidance, as well as statements about Vical's Allovectin-7®, TransVax™, pandemic influenza vaccine and HSV-2 vaccine programs, the VCU prophylactic CMV vaccine program, the IPPOX HIV vaccine program, and other independent and collaborative programs, as well as anticipated developments in independent and collaborative programs, and statements about the scope of coverage of and potential applications for Vical's patents. Risks and uncertainties include whether Vical or others will continue development of Allovectin-7®, TransVax™, a prophylactic vaccine against congenital CMV infection, a vaccine against H1N1 pandemic influenza, prophylactic and therapeutic vaccines against HSV-2, the AnGes Collategene™ angiogenesis therapy, the IPPOX HIV vaccine, or any other independent or collaborative programs; whether Vical will release data from the H1N1 influenza vaccine Phase 1 trial in the first quarter of 2011, if at all; whether Vical will lock the database in the company's Phase 3 trial of Allovectin-7® in the second half of 2011, if at all; whether Vical will initiate a Phase 3 trial of TransVax™ for HCT patients in the second half of 2011, if at all; whether AnGes will expedite initiation of a multinational Phase 3 trial of Collategene™ for patients with advanced PAD in 2011, if at all; whether Vical will achieve levels of revenues and control expenses to meet its financial projections; whether Vical will enter into any new partnerships or expand any existing partnerships and receive all, if any, projected cash payments; whether any product candidates will be shown to be safe and efficacious in clinical trials; the timing of clinical trials; whether Vical or its collaborative partners will seek or gain approval to market any product candidates; 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) | ||||
Statements of Operations | Three Months Ended Dec. 31, | Twelve Months Ended Dec. 31, | ||
(in thousands, except per share amounts) | 2010 | 2009 | 2010 | 2009 |
Revenues: | ||||
Contract and grant revenue | $ 2,711 | $ 949 | $ 6,249 | $ 3,692 |
License and royalty revenue | 205 | 1,606 | 2,462 | 8,994 |
Total revenues | 2,916 | 2,555 | 8,711 | 12,686 |
Operating expenses: | ||||
Research and development | 4,969 | 6,168 | 19,692 | 23,449 |
Manufacturing and production | 2,893 | 1,887 | 11,436 | 10,354 |
General and administrative | 2,325 | 1,914 | 8,798 | 7,469 |
Total operating expenses | 10,187 | 9,969 | 39,926 | 41,272 |
Loss from operations | (7,271) | (7,414) | (31,215) | (28,586) |
Net investment and other income | 511 | 105 | 830 | 28 |
Net loss | $ (6,760) | $ (7,309) | $ (30,385) | $ (28,558) |
Basic and diluted net loss per share | $ (0.09) | $ (0.14) | $ (0.51) | $ (0.61) |
Shares used to calculate basic and diluted net loss per share | 71,716 | 52,192 | 60,084 | 47,086 |
Balance Sheets | December 31, | December 31, | ||
(in thousands) | 2010 | 2009 | ||
Assets: | ||||
Cash, cash equivalents, and marketable securities, including restricted | $ 55,268 | $ 47,085 | ||
Other current assets | 940 | 1,349 | ||
Total current assets | 56,208 | 48,434 | ||
Long-term investments | 5,434 | 5,477 | ||
Property and equipment, net | 7,560 | 9,260 | ||
Other assets | 3,705 | 4,201 | ||
Total assets | $ 72,907 | $ 67,372 | ||
Liabilities and stockholders' equity: | ||||
Current liabilities | $ 6,334 | $ 10,010 | ||
Long-term obligations | 2,211 | 2,380 | ||
Stockholders' equity | 64,362 | 54,982 | ||
Total liabilities and stockholders' equity | $ 72,907 | $ 67,372 |
CONTACT: Alan R. Engbring Executive Director, Investor Relations Jill M. Broadfoot Senior Vice President and Chief Financial Officer (858) 646-1127 Website: www.vical.com