Linda L. Chang, Senior Vice President and Chief Financial Officer, commented, "In 2012 we set an aggressive goal of reducing our monthly cash usage to further optimize our government contracting biodefense business model. We successfully met this goal while securing additional funding of $7.5 million through a credit facility provided by GE Capital. These achievements, along with our ongoing efforts, will continue to ensure we have the flexibility to capably manage our expenses and capital requirements in 2013."
Year-End 2012 Financial ResultsRevenueFor the year ended December 31, 2012, PharmAthene recognized revenue of $25.2 million, compared to $24.3 million in 2011. Revenue in 2012 was derived primarily from development contracts with the U.S. government for the Company's biodefense product candidates.
Revenue for the SparVax® program increased in 2012 to approximately $22.9 million, compared to $19.3 million in 2011. Revenue in 2012 was primarily attributable to the achievement of several contract milestones, including the completion of Final Drug Product manufacture, progress in the development of bioanalytical and analytical assays, and the execution of non-clinical studies.
Revenue for the rBChE bioscavenger program in 2012 was approximately $1.8 million, compared to $0.7 million in 2011, corresponding with significant technical progress achieved during the year. On July 31, 2012 the Department of Defense exercised a $2.5 million option to continue to fund the rBChE program under its 2011 fixed price contract.
Revenue for the Valortim® program in 2012 was $0.5 million, compared to $3.7 million in 2011 as a result of the completion of the 2007 NIAID contract for Valortim® in the first quart
|SOURCE PharmAthene, Inc.|
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