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Therapeutic DNA Vaccine Company Inovio Biomedical Reports Second Quarter 2008 Financial Results
Date:8/7/2008

08 170,730,621 Receivables from stockholders (50,000 ) (50,000 ) Accumulated deficit (146,892,807 ) (139,847,326 ) Accumulated other comprehensive (loss) income (864,981 ) 157,531 Total stockholders' equity 23,566,919 31,034,754 Total liabilities and stockholders' equity $ 32,264,741 $ 39,775,021 INOVIO BIOMEDICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months EndedJune 30, Six Months EndedJune 30, 2008 2007 2008 2007 Revenue: License fee and milestone payments $ 203,924 $ 209,265 $ 396,753 $ 443,754 Revenue under collaborative research anddevelopment arrangements

459,110 286,312 919,295 534,302 Grant and miscellaneous revenue — — — 21,423 Total revenue 663,034 495,577 1,316,048 999,479 Operating expenses: Research and development 1,679,264 2,907,836 3,276,652 5,424,247 General and administrative 3,086,180 2,344,551 5,487,685 4,635,712 Total operating expenses 4,765,444 5,252,387 8,764,337 10,059,959 Loss from operations (4,102,410 ) (4,756,810 ) (7,448,289 ) (9,060,480 ) Interest income 191,371 286,792 490,120 509,860 Other income (expense) (112,733 ) 727,305 (87,312 ) 1,066,610 Net loss (4,023,772 ) (3,742,713 ) (7,045,481 ) (7,484,010 ) Imputed and declared dividends on preferredstock

— (8,244 ) — (23,335 ) Net loss attributable to common stockholders

  • (4,023,772 ) $ (3,750,957 ) $ (7,045,481 ) $ (7,507,345 ) Amounts per common share — basic and diluted:

Net loss per share attributable to common stockholders

  • (0.09 ) $ (0.09 ) $ (0.16 ) $ (0.19 ) Weighted average number of common shares outstanding — basic and diluted

43,874,739 40,674,947 43
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