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PharmAthene Reports First Quarter 2012 Financial Results
Date:5/8/2012

were $4.7 million, compared to $5.8 million for the same period in 2011.  Research and development expenses decreased during the current period primarily as a result of the completion of the 2007 NIAID contract for Valortim® and a reduction in manufacturing-related activities under the SparVax™ program.

Expenses associated with general and administrative functions were $2.9 million for the three months ended March 31, 2012 and $4.9 million for the same period in 2011.  The decrease in general and administrative expense in the first quarter of 2012 was attributable to decreased legal expenses primarily related to the SIGA litigation of approximately $1.6 million, compared to the same period in 2011, as well as implementation of cost-cutting initiatives identified as part of  the Company's operational review.

Net LossFor the first quarter of 2012, PharmAthene's net loss attributable to common shareholders was $2.7 million, or $0.06 per share, compared to $2.1 million, or $0.04 per share, in the same period of 2011.  Included in the net loss for the quarter ended March 31, 2012, was $1.0 million of non-cash expense related to the change in fair value of warrants outstanding, compared to a $2.5 million non-cash gain included in net loss for the same period in 2011. 

Cash Position and Accounts ReceivablesAs of March 31, 2012, the Company had cash and cash equivalents and U.S. government billed and unbilled accounts receivables totaling approximately $20.7 million, compared to $18.7 million at December 31, 2011.  Cash increased from $11.2 million at the end of 2011 to $15.3 million at March 31, 2012 due to the effect of $0.8 million in positive cash flow from operations and $3.4 million in financing from GE Capital, Healthcare Financial Services.

Conference Call and Webcast InformationPharmAthene management will be hosting a conference call to discuss the Company's first quarter 2012 financial
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SOURCE PharmAthene, Inc.
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