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Inovio Pharmaceuticals Reports 2010 Fourth Quarter and Year End Financial Results
Date:3/17/2011

031 as of February 24, 2011.

Based on management's projections and analysis, the Company believes that its cash and cash equivalents are sufficient to meet its planned working capital requirements through the end of 2013.

Corporate UpdateCorporate DevelopmentDuring 2010, Inovio expanded its existing license agreement with the University of Pennsylvania, adding exclusive worldwide licenses for technology and intellectual property for novel DNA vaccines against pandemic influenza, Chikungunya, and foot-and-mouth disease. The amendment also encompassed new chemokine and cytokine molecular adjuvant technologies.

Inovio received financial support from multiple government and non-government agencies:

  • PATH Malaria Vaccine Initiative (MVI) agreed to provide follow-on funding to continue evaluation and development of Inovio's malaria DNA vaccine candidate in non-human primates.
  • Inovio and the University of Pennsylvania received a grant of $3.1 million from the National Institutes of Health (NIH) Director's Office Transformative Research Award to further fund Inovio's universal SynCon(TM) flu vaccine development.
  • Inovio and its collaborators from Drexel University, Cheyney University, and the University of Pennsylvania received a $2.8 million grant to develop a DNA vaccine to treat hepatitis C virus.
  • Inovio received a $733,438 grant under The PPACA. The grant was related to three of the Company's projects, including the Phase II clinical trial of VGX-3100, a therapeutic vaccine for cervical dysplasia and cancer as well as development projects for SynCon™ universal flu and dengue vaccines.

  • Subsequent to year end Inovio signed an agreement with OncoSec Medical Inc. for the sale to OncoSec of certain non-DNA vaccine technology and intellectual property relating to electroporation technology useful for electrochemical and cytokine based immune therapies for treating solid tumors.

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    SOURCE Inovio Pharmaceuticals, Inc.
    Copyright©2010 PR Newswire.
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