Therapeutic DNA Vaccine Company Inovio Biomedical Reports Second Quarter 2008 Financia...( Inovio Biome...),Health

Inovio Biomedical Corporation (AMEX: INO) (“Inovio”) today reported financial results for the three and six months ended June 30, 2008.

SAN DIEGO (Business Wire EON) August 7, 2008 -- Total revenue for the three and six months ended June 30, 2008 was $663,000 and $1.3 million, respectively, as compared to $496,000 and $999,000, respectively, for the same periods in 2007. Revenue consisted of license fees, milestone payments, revenue recognized from collaborative research and development arrangements and grants.

Total operating expenses for the three and six months ended June 30, 2008 were $4.8 million and $8.8 million, respectively, as compared to $5.3 million and $10.1 million, respectively, for the three and six months ended June 30, 2007.

The net loss attributable to common stockholders for the three and six months ended June 30, 2008 was $4.0 million, or $0.09 per share and $7.0 million, or $0.16 per share, respectively, as compared with a net loss attributable to common stockholders of $3.8 million, or $0.09 per share and $7.5 million, or $0.19 per share, respectively, for the three and six months ended June 30, 2007.

Revenue

Revenue from license fees and milestone payments was $204,000 and $397,000, respectively, for the three and six months ended June 30, 2008, as compared to $209,000 and $444,000, respectively, for the three and six months ended June 30, 2007. The slight decrease in revenue under license fees and milestone payments for the three and six month periods ended June 30, 2008, compared with the same periods in 2007, was primarily due to less revenue recognized from the Merck licensing agreement as this agreement was fully amortized during 2007, offset by revenue recognized from various license agreements.

Revenue from collaborative research and development arrangements during the three and six months ende
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