18.  Vical was incorporated in 1987 to research and develop proprietary  lipid chemistry.  The Company’s founders were initially focused on developing  liposomes for extended release of AZT, a treatment for patients with AIDS.  In  1989, experiments and evaluations of lipid-based delivery of DNA led to Vical’s  DNA delivery patents, which form the basis of the Company’s current products.   19.  Vical completed its initial public offering of 2 million shares of stock  in 1993, and since its inception, the Company has raised total net proceeds of  approximately $370 million from the sale of equity securities.   58.  Plaintiff brings this action as a class action pursuant to Rule 23 of  the Federal Rules of Civil Procedure on behalf of the Class, consisting of all who  purchased or otherwise acquired Vical publicly traded securities during the Class  Period.  Excluded from the Class are Defendants, the officers and directors of the  Company at all relevant times, members of their immediate families and their  legal representatives, heirs, successors, or assigns, and any person, firm, trust,  corporation, or other entity related to or affiliated with any Defendant.      64.  Plaintiff incorporates by reference and realleges each and every  allegation contained above, as though fully set forth herein.   65.  During the Class Period, Defendants disseminated or approved the  false statements specified above, which they knew or deliberately disregarded  were misleading in that they contained misrepresentations and failed to disclose  material facts necessary in order to make the statements made, in light of the  circumstances under which they were made, not misleading.   68.  Plaintiff incorporates by reference and realleges each and every  allegation contained above, as though fully set forth herein.   69.  The Individual Defendants acted as controlling persons of Vical  within the meaning of §20(a) of the 1934 Act.  By virtue of their positions with  the Company, and ownership of Vical stock, the Individual Defendants had the  power and authority to cause Vical to engage in the wrongful conduct  complained of herein.  Vical controlled the Individual Defendants and all of its  employees.  By reason of such conduct, Defendants are liable pursuant to §20(a)  of the 1934 Act.    X.  For Violation of §20(a) of the 1934 Act  Against All Defendants   For Violation of §10(b) of the 1934 Act and Rule 10b-5   Against All Defendants  