Investor Relations (IR) Questions: Vical Incorporated $VICL
Click here to return to the biotech IRQ Index
Answers received: July 2013
1) When is the last time VICL raised cash through an offering (diluted)?
[From 1Q13 10-Q]
In January 2012, the Company sold 13,333,334 shares of its common stock in a public offering at a price to the public of $3.75 per share. In February 2012, the Company sold an additional 576,358 shares pursuant to a partial exercise of the underwriters’ overallotment option at a price to the public of $3.75 per share. Net proceeds from the offering, after deducting underwriting discounts and commissions and other offering expenses payable by the Company, totaled $48.7 million. All of the shares of common stock were offered pursuant to two effective shelf registration statements.
2) How much cash (not cash equivalents) does VICL have?
[From 1Q13 10-Q]
Cash, cash equivalents, marketable securities, and long-term investments, including restricted cash, totaled $77.6 million at March 31, 2013, compared with $86.1 million at December 31, 2012. [The Company does not distinguish between cash and cash equivalents in its financial reports.]
3) What and approximately when is/are the next known or expected catalyst(s)/milestone(s)?
[From 1Q13 financial results news release]
Allovectin®
The company is approaching completion of a Phase 3 registration trial of itsinvestigational immunotherapy, Allovectin®, vs. chemotherapy in patients with metastatic melanoma.
∙ A survival data sweep conducted in March 2013 confirmed that the target number of death events for the secondary endpoint (overall survival) should be reached in mid-2013.
∙ The independent assessment and adjudication process for the primary endpoint (response rate at 24 weeks or more after randomization) is advancing through final audits and quality checks, and the company expects the adjudicated response data to be locked in July 2013.
∙ Data for both endpoints will remain blinded in separate third-party databases and be securely transferred to Vical and unblinded simultaneously. Top-line results for both endpoints are expected to be released during the third quarter of 2013.
TransVax™ CMV Vaccine
∙ Astellas is planning to initiate a Phase 3 trial of TransVax™ for hematopoietic cell transplant (HCT) recipients in the second quarter of 2013 [subsequently announced on June 25] and to initiate a Phase 2 trial of TransVax™ for solid organ transplant (SOT) recipients soon afterward.
Herpes Simplex Vaccine
∙ The company is planning to initiate a Phase 1/2 clinical trial of its Vaxfectin®-formulated therapeutic vaccine against herpes simplex virus type 2 (HSV-2) in the second half of 2013.
4) What is VICL's quarterly cash burn?
[From 1Q13 10-Q]
Cash, cash equivalents, marketable securities, and long-term investments, including restricted cash, totaled $77.6 million at March 31, 2013, compared with $86.1 million at December 31, 2012. [Net use of cash for 1Q13 ≈ $8.5 million. The use of cash varies quarter-to-quarter, and is provided in the quarterly financial reports.]
5) Does VICL have an existing line of credit and if so how much can they draw against it?
[Vical does not currently have a line of credit.]
[From 1Q13 10-Q]
We currently have on file an effective shelf registration statement that allows us to raiseup to $150.0 million from the sale of common stock, preferred stock, debt securities and/or warrants.
In November 2012, we entered into an At-The-Market Equity Offering Sales Agreement, or Sales Agreement, with Stifel, Nicolaus & Company, Incorporated, or Stifel, under which we may issue and sell up to $50,000,000 of shares of our common stock from time to time.[Included as part of the $150.0 million shelf registration statement.]
Sincerely,
Alan Engbring
Executive Director, Investor Relations
Vical Incorporated
1) When is the last time VICL raised cash through an offering (diluted)?
[From 1Q13 10-Q]
In January 2012, the Company sold 13,333,334 shares of its common stock in a public offering at a price to the public of $3.75 per share. In February 2012, the Company sold an additional 576,358 shares pursuant to a partial exercise of the underwriters’ overallotment option at a price to the public of $3.75 per share. Net proceeds from the offering, after deducting underwriting discounts and commissions and other offering expenses payable by the Company, totaled $48.7 million. All of the shares of common stock were offered pursuant to two effective shelf registration statements.
2) How much cash (not cash equivalents) does VICL have?
[From 1Q13 10-Q]
Cash, cash equivalents, marketable securities, and long-term investments, including restricted cash, totaled $77.6 million at March 31, 2013, compared with $86.1 million at December 31, 2012. [The Company does not distinguish between cash and cash equivalents in its financial reports.]
3) What and approximately when is/are the next known or expected catalyst(s)/milestone(s)?
[From 1Q13 financial results news release]
Allovectin®
The company is approaching completion of a Phase 3 registration trial of itsinvestigational immunotherapy, Allovectin®, vs. chemotherapy in patients with metastatic melanoma.
∙ A survival data sweep conducted in March 2013 confirmed that the target number of death events for the secondary endpoint (overall survival) should be reached in mid-2013.
∙ The independent assessment and adjudication process for the primary endpoint (response rate at 24 weeks or more after randomization) is advancing through final audits and quality checks, and the company expects the adjudicated response data to be locked in July 2013.
∙ Data for both endpoints will remain blinded in separate third-party databases and be securely transferred to Vical and unblinded simultaneously. Top-line results for both endpoints are expected to be released during the third quarter of 2013.
TransVax™ CMV Vaccine
∙ Astellas is planning to initiate a Phase 3 trial of TransVax™ for hematopoietic cell transplant (HCT) recipients in the second quarter of 2013 [subsequently announced on June 25] and to initiate a Phase 2 trial of TransVax™ for solid organ transplant (SOT) recipients soon afterward.
Herpes Simplex Vaccine
∙ The company is planning to initiate a Phase 1/2 clinical trial of its Vaxfectin®-formulated therapeutic vaccine against herpes simplex virus type 2 (HSV-2) in the second half of 2013.
4) What is VICL's quarterly cash burn?
[From 1Q13 10-Q]
Cash, cash equivalents, marketable securities, and long-term investments, including restricted cash, totaled $77.6 million at March 31, 2013, compared with $86.1 million at December 31, 2012. [Net use of cash for 1Q13 ≈ $8.5 million. The use of cash varies quarter-to-quarter, and is provided in the quarterly financial reports.]
5) Does VICL have an existing line of credit and if so how much can they draw against it?
[Vical does not currently have a line of credit.]
[From 1Q13 10-Q]
We currently have on file an effective shelf registration statement that allows us to raiseup to $150.0 million from the sale of common stock, preferred stock, debt securities and/or warrants.
In November 2012, we entered into an At-The-Market Equity Offering Sales Agreement, or Sales Agreement, with Stifel, Nicolaus & Company, Incorporated, or Stifel, under which we may issue and sell up to $50,000,000 of shares of our common stock from time to time.[Included as part of the $150.0 million shelf registration statement.]
Sincerely,
Alan Engbring
Executive Director, Investor Relations
Vical Incorporated