SAN DIEGO, Jan. 2, 2013 (GLOBE NEWSWIRE) -- Vical Incorporated (Nasdaq:VICL) today announced that, effective today, January 2, 2013, listing of the company's common stock will be transferred to the NASDAQ Global Select Market, the highest of the three market tiers at NASDAQ. Listing on the NASDAQ Global Select Market is reserved for companies that meet the highest quantitative and qualitative listing standards, reflecting their demonstrated commitments to leadership and good governance.
"We are honored to be recognized by NASDAQ for our established record of sound management and fiscal responsibility," said Vijay B. Samant, Vical's President and Chief Executive Officer, "and pleased that Vical has joined the top tier of the NASDAQ Stock Market. We remain focused on building long-term value for shareholders through the development of novel biopharmaceutical products."
NASDAQ-listed companies are classified under three listing tiers: NASDAQ Global Select Market, NASDAQ Global Market, and NASDAQ Capital Market. Vical common shares previously traded on the NASDAQ Global Market and, following transfer to the NASDAQ Global Select Market, will continue to trade under the ticker symbol VICL.
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.
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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 statements about the company's standards, focus, collaborative partners, product candidates, and developmental status. Risks and uncertainties include whether Vical will continue to maintain NASDAQ's highest quantitative and qualitative listing standards, 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, the dependence of the company on its collaborative partners, 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.
CONTACT: Alan R. Engbring (858) 646-1127 Website: www.vical.com