During Friday’s Morning trade, Shares of GenVec Inc (NASDAQ:GNVC), gained 4.86% to $1.94.
GenVec, stated financial results for the third quarter ended September 30, 2015. For the three months ended September 30, 2015, GenVec stated a net loss of $1.5 million, or $0.09 per share, on revenues of $0.2 million, contrast with a net loss of $1.6 million, or $0.10 per share, on revenues of $0.3 million, for the same period in the preceding year. For the nine months ended September 30, 2015, GenVec stated a net loss of $4.9 million, or $0.30 per share, on revenues of $0.7 million, contrast 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 preceding year. GenVec ended the third quarter of 2015 with $9.9 million in cash, cash equivalents and investments.
Financial Results for the Three and Nine Months Ended September 30, 2015
Revenues for the three-month and nine-month periods ended September 30, 2015 were $0.2 million and $0.7 million, respectively, which represent decreases of 24% and 71% as contrast to $0.3 million and $2.5 million in the comparable preceding year periods. The decrease in revenue in the three-month period ended September 30, 2015 as contrast to the preceding year three-month period was due mainly to reduced work scope under our hearing loss and balance disorders program and the completion of work under our animal health program. Our work under the contract with the Department of Homeland Security related to our animal health program was accomplished in February 2015. The decrease in revenue for the nine-month period ended September 30, 2015 as contrast to the preceding year nine-month period was primarily a result of a decrease in revenue of $2.0 million associated with our hearing loss and balance disorders program with Novartis. The decrease in revenue under the Novartis partnershipis mainly a result of the achievement of the third milestone under the terms of our partnershipwith Novartis in the first quarter of 2014, when the investigational new drug application for CGF166 filed by Novartis with the Food and Drug Administration was deemed effective, with no comparable achievement in the current period.
Operating expenses reduced 8% and 16%, respectively, for the three-month and nine-month periods ended September 30, 2015 to $1.7 million and $5.6 million as contrast to $1.9 million and $6.8 million in the comparable preceding year periods.
General and administrative expenses of $1.0 million reduced 25% for the three-month period ended September 30, 2015 as contrast to $1.3 million in the comparable three-month period in 2014. For the nine-month period ended September 30, 2015, general and administrative expenses of $3.6 million reduced 28% as contrast to $5.1 million in the comparable nine-month period in 2014. The decrease in the nine-month period ended September 30, 2015 was primarily attributable to lower facility costs related to the relocation of our corporate offices. Additionally, in both the three-month and nine-month periods ended September 30, 2015 we practiced lower professional costs partially offset by raised personnel costs.
GenVec, Inc., a clinical-stage biopharmaceutical company, focuses on using its adenovector gene delivery platform to develop a pipeline of therapeutics and vaccines in the United States. Its vaccine against foot and mouth disease in cattle has been approved. The company’s lead product candidate, CGF166 is in Phase 1/2 clinical study for the treatment of hearing loss and balance disorders. Its product pipeline also comprises GV2311, a vaccine for respiratory syncytial virus; and GV2207, a herpes simplex virus-2 immunotherapeutic.
Shares of CECO Environmental Corp. (NASDAQ:CECE), inclined 0.44% to $9.15, during its current trading session.
CECO Environmental, declared that its Board of Directors has declared a quarterly cash dividend of $0.066 per share of outstanding common stock. The dividend will be paid on or about December 30, 2015 to all shareholders of record at the close of business on December 16, 2015. A Dividend Reinvestment Plan (“DRIP”) exists for shareholders that provides for the voluntary reinvestment of dividends. CECO has about 34 million shares outstanding.
CECO Environmental Corp., an environmental technology company, provides critical solutions in the product recovery, air pollution control, fluid handling, and filtration segments worldwide. It operates through three segments: Air Pollution Control, Energy, and Fluid Handling and Filtration.
Finally, Shares of EZCORP Inc (NASDAQ:EZPW), lost -1.89%, and is now trading at $5.56.
EZCORP, filed its amended and past due periodic reports with the U.S. Securities and Exchange Commission. Those reports contain restated financial information for fiscal 2014, 2013 and 2012 and the first quarter of fiscal 2015. The company had formerly declared that it was restating its financial statements for those periods to correct certain accounting errors associated with its Grupo Finmart loan portfolio.
The filed reports comprise an amended annual report for fiscal 2014, an amended quarterly report for the first quarter of fiscal 2015 and quarterly reports for the second and third quarters of fiscal 2015.
The company believes that, with the filing of these reports, it will achieve compliance with NASDAQ’s continued listing requirements, and anticipates that NASDAQ will send the company an acknowledgement to that effect in the near future. In addition, with the filing of these reports, the company is able to cure the filing default under its Cash Convertible Notes, which will stop the accrual of additional interest on the notes.
EZCORP, Inc. provides specialty consumer financial services. The company operates in three segments: The U.S. & Canada, Latin America, and Other International. The company offers pawn loans, which are non-recourse loans collateralized by tangible personal property, counting jewelry, consumer electronics, tools, sporting goods, and musical instruments; sells merchandise compriseing of second-hand collateral forfeited from its pawn lending activities or purchased from customers, and new or refurbished merchandise from third party vendors; and buys and sells second-hand goods.