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PharmAthene Reports Year-End 2012 Financial And Operational Results
Date:3/13/2013

er of 2012.

Operating ExpensesResearch and development expenses in 2012 were $19.5 million, compared to $21.2 million in 2011.  Research and development expenses decreased primarily as a result of a reduction in the Company's indirect operating expenses and direct costs for the Valortim® program, partially offset by higher direct SparVax® program expenses.

Expenses associated with general and administrative functions decreased to $11.6 million from $14.3 million for the years ended December 31, 2012 and 2011, respectively. The decrease in general and administrative expense in 2012 was primarily the result of a reduction in legal and other general and administrative expenses, partially offset by a one-time insurance recovery.

Net LossFor the year ended December 31, 2012, PharmAthene's net loss was $4.9 million, or $0.10 per share, compared to a net loss of $3.8 million, or $0.08 per share, for the year ended December 31, 2011. The increase in net loss primarily consists of a reduction in other income/expenses of $6.4 million associated with the change in the fair value of the Company's derivative instruments, offset by a decrease in operating expenses of $4.5 million.

Cash and Accounts ReceivableAs of December 31, 2012, the Company had cash and cash equivalents, restricted cash, and U.S. government accounts receivable and unbilled accounts receivable totaling approximately $19.2 million, compared to $18.8 million as of December 31, 2011. The year-over-year difference was primarily a result of cash used in operations, offset by funding provided under a term loan and revolving line of credit with GE Capital, which was completed in the first quarter of 2012.

Conference Call and Webcast InformationPharmAthene management will be hosting a conference call to discuss the Company's year-end 2012 financial and operational results. The call is scheduled to begin at 4:30 pm Eastern Time on Wednesday,
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