ANNAPOLIS, Md., May 8, 2012 /PRNewswire/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported its financial results for the first quarter ended March 31, 2012.
Eric I. Richman, President and Chief Executive Officer, commented, "We are off to a great start in 2012 in regards to accomplishing our strategic objectives and meeting our financial goals. We are excited to continue our clinical evaluation of SparVax™ and are moving forward with plans to begin a Phase II clinical trial of SparVax™ later this year. And, while we achieved positive cash flow from operations for the quarter, we also bolstered our financial position by securing a $7.5 million financing from GE Capital, Healthcare Financial Services, which further enhances our balance sheet and extends our cash runway into 2013, when we anticipate achieving final resolution of the litigation with SIGA Technologies."
"With respect to the SIGA litigation, we are currently awaiting final judgment from the Delaware Court of Chancery regarding its September 2011 decision to award PharmAthene a significant stake in SIGA's smallpox antiviral, ST-246," Mr. Richman continued. "SIGA has said it expects to begin delivery of ST-246 under its $433 million contract with the U.S. Government in the first quarter of 2013."
First Quarter 2012 Financial ResultsRevenueFor the first quarter ended March 31, 2012, PharmAthene recognized revenue of $6.1 million, compared to $6.3 million for the same period in 2011. Revenue in the first quarter of 2012 was primarily from development contracts with the U.S. government for the Company's SparVax™ and rBChE bioscavenger programs.
Operating ExpensesResearch and development expenses for the three months ended March 31, 2012
|SOURCE PharmAthene, Inc.|
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