August 13, 2013 (Shareholders Foundation) - An investigation on behalf of investors of Vical Incorporated (NASDAQ:VICL) shares over potential securities laws violations by Vical Incorporated and certain of its directors and officers in connection certain financial statements was announced.


The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Vical Incorporated (NASDAQ:VICL) concerning whether a series of statements by Vical Incorporated regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Vical Incorporated (NASDAQ:VICL) reported that its annual Total Revenue declined from $30.02 million in 2011 to $17.52 million in 2012 and that its respective Net Loss increased from $7.28 million to $22.90 million.

Shares of Vical Incorporated (NASDAQ:VICL) traded during 2011 as high as $5.20 and during 2012 as high as $4.43 per share.

On Aug. 12, 2013, Vical Incorporated (NASDAQ:VICL) announced results from a Phase 3 trial of Allovectin, an investigational intratumoral cancer immunotherapy, in patients with metastatic melanoma.
Vical Incorporated said that the trial failed to demonstrate a statistically significant improvement vs. first-line chemotherapy for either the primary endpoint of objective response rate at 24 weeks or more after randomization or the secondary endpoint of overall survival.
The president and Chief Executive Officer of Vical Incorporated said that based on this outcome, Vical Incorporated is terminating the Allovectin program.

Shares of Vical Incorporated dropped from $3.58 per share on Friday, August 9, 2013, to $1.40 on Monday, August 12, 2013.