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PharmAthene Reports Third Quarter 2009 Financial and Operational Results
Date:11/12/2009

ANNAPOLIS, Md., Nov. 12 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported financial and operational results for the third quarter and nine months ended September 30, 2009.

For the third quarter of 2009, PharmAthene recognized revenues of $6.8 million compared to $10.7 million in the same period of 2008. For the nine months ended September 30, 2009 and 2008, the Company reported revenues of $20.4 million and $27.4 million, respectively. Revenues consisted primarily of contract funding from the U.S. government for the development of SparVax(TM), Valortim® and Protexia®.

Research and development expenses were $7.6 million and $9.4 million for the quarter ended September 30, 2009 and 2008, respectively. For the nine months ended September 30, 2009 and 2008, research and development expenses were $22.8 million and $26.5 million, respectively. Research and development expenses for each period consisted primarily of research and development activities related to SparVax(TM), Valortim® and Protexia® development programs and, to a lesser extent, of activities related to RypVax(TM) and the Company's third generation rPA anthrax vaccine program.

General and administrative expenses were $6.2 million and $4.8 million for the quarter ended September 30, 2009 and 2008, respectively. For the nine months ended September 30, 2009 and 2008, general and administrative expenses were $15.8 million and $14.7 million, respectively. The increases in general and administrative expenses for both periods were primarily due to costs associated with the transitioning of the Company's development and manufacturing activities as well as other general and administrative functions from the UK to the United Stat
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SOURCE PharmAthene, Inc.
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