be completed early next year.
PharmAthene received revenues of $5.8 million for the three months ended March 31, 2008 compared to $3.0 million for the same period in 2007. These revenues consist primarily of contract and grant funding from the U.S. government for the development of the Company's chemical nerve agent prophylaxis, Protexia(R).
PharmAthene's research and development expenses were $5.9 million and $3.1 million for the three months ended March 31, 2008 and 2007, respectively. These expenses resulted primarily from research and development activities related to the development of Valortim(TM) for protection against and treatment of inhalation anthrax, and the development of Protexia(R) for treatment of nerve agent poisoning. Research and development expense increased $2.8 million for the three months ended March 31, 2008 as compared to the same period in 2007, primarily as a result of increased process development and manufacturing activities for both Valortim(TM) and Protexia(R), and employee-related expenses including stock compensation expense.
General and administrative expenses for the Company were $4.7 million and $2.5 million respectively, for the three months ended March 31, 2008 and 2007. Expenses associated with general and administrative functions for the Company increased $2.2 million primarily due to increased employee costs, increased stock compensation expense and additional costs associated with the Company's compliance and legal functions.
PharmAthene's net loss for the first quarter of 2008 was $5.0 million or $0.23 per share.
As of March 31, 2008, available cash, cash equivalents and short term investments were $25.7 million, after giving effect to $20.0 million in restricted cash.
Conference Call Information
PharmAthene management will host a conference call to discuss the
|SOURCE PharmAthene, Inc.|
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