ANNAPOLIS, Md., May 11, 2011 /PRNewswire/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported financial and operating results for the first quarter ended March 31, 2011.
For the first quarter of 2011 PharmAthene recognized revenue of $6.3 million compared to $3.1 million in the same period of 2010. Revenues for the most recent quarter consisted of contract funding from the U.S. government for the development of the Company's SparVax™ and Valortim® biodefense programs. Revenue for the period ended March 31, 2011 increased $3.2 million, as compared to the same period in 2010, as a result of increased revenue for the SparVax™ program, which totaled $5.4 million for the three months ended March 31, 2011 compared to $2.1 million for the same period in 2010. The increase in revenue for the Company's SparVax™ program is attributable to additional work completed during the quarter in relation to the Company's manufacturing platform for SparVax™ and the establishment of analytical and stability-indicating assays for characterization of the product. The Company recognized $0.8 million of revenue for its Valortim® program for each of the three months ended March 31, 2011 and 2010, respectively.
Research and development expenses increased to $5.8 million for the period ended March 31, 2011 compared to $5.0 million in the same period of 2010. These expenses resulted from research and development activities related to the Company's Valortim® and SparVax™ programs, and to a lesser extent, expenses related to the Protexia® bioscavenger program. Research and development expenses increased for the period ended March 31, 2011 compared to the prior year period, primarily due to increased activity und
|SOURCE PharmAthene, Inc.|
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