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PharmAthene Reports Third Quarter 2010 Financial and Operational Results
Date:11/11/2010

ANNAPOLIS, Md., Nov. 11, 2010 /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, 2010.

For the third quarter of 2010, PharmAthene recognized revenues of $6.2 million compared to $6.8 million in the same period of 2009.  For the nine months ended September 30, 2010 and 2009, respectively, PharmAthene recognized revenues of $14.1 million and $20.4 million.  Revenues for the most recent quarter and nine months ended September 30, 2010 consisted primarily of contract funding from the U.S. government for the development of SparVax™, Valortim®, and  Protexia®.

The decline in revenue in the third quarter and first nine months of 2010 compared to 2009 is attributable to (i) the completion of activities under the Company's existing Department of Defense (DoD) contract for Protexia®, which concluded in the third quarter of 2009, partially offset by modest funding from the DoD for this program in the second and third quarters of 2010, and (ii) reduced activity in the Company's Valortim® program, (iii) the completion of all activities in the Company's plague program during early 2010, (iv) partially offset by increased revenues under the Company's SparVax™ program.

Research and development expenses were $6.2 million and $7.9 million for the quarter ended September 30, 2010 and 2009, respectively.  Research and development expenses were $17.1 million and $23.9 million for the nine months ended September 30, 2010 and 2009, respectively.  

Research and development expenses decreased in the third quarter and first nine months of 2010 compared to the prior year period as a result of decreased activity in
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SOURCE PharmAthene, Inc.
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