ANNAPOLIS, Md., Nov. 6, 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 third quarter ended September 30, 2012.
President and Chief Executive Officer, Eric I. Richman, said, "We made steady progress in the third quarter toward meeting our objectives. Most importantly, we have worked expeditiously to address the U.S. Food and Drug Administration's (FDA) request for additional information on our SparVax™ program, and are pleased to report that we expect to submit a complete response to the FDA shortly."
Mr. Richman continued, "Regarding the ongoing litigation with SIGA, we are now entering the final stages of the appeals process, as all legal briefs required from both PharmAthene and SIGA have been submitted to the Court and a date for oral argument has been set for January 10, 2013. We remain confident in the merits of our case and the decision of the Delaware Court of Chancery and look forward to a final ruling from the Delaware Supreme Court no later than the second quarter of 2013."
Linda L. Chang, Senior Vice President and Chief Financial Officer, remarked, "We continue to meet our financial goals for 2012. At the end of the third quarter of 2012 we had cash and receivables totaling approximately $20.0 million compared to $18.7 million at December 31, 2011. Net cash used in operations year-to-date is approximately $178,000. At this point, we are optimistic that we will be able to meet or exceed our annual cash burn goal for 2012 of $6.0 million with cash burn defined as the change in our cash and cash equivalents."
Third Quarter 2012 Financial ResultsRevenueFor the third quarter ended September 30, 2012, PharmAthene recognized revenue of $6.7 million, compare
|SOURCE PharmAthene, Inc.|
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