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Inovio Pharmaceuticals Reports 2011 Third Quarter Financial Results
Date:11/7/2011

BLUE BELL, Pa., Nov. 7, 2011 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE AMEX: INO) today reported financial results for the quarter ended September 30, 2011.

Total revenue was $2.6 million and $8.2 million for the three and nine months ended September 30, 2011, compared to $1.3 million and $3.8 million for the same periods in 2010.

Total operating expenses for the three and nine months ended September 30, 2011, were $9.0 million and $24.0 million as compared to $5.8 million and $17.7 million for the same periods in 2010.

The net loss attributable to common stockholders for the three and nine months ended September 30, 2011, was $4.5 million, or $0.04 per share, and $9.8 million, or $0.08 per share, as compared with a net loss attributable to common stockholders of $1.4 million, or $0.01 per share, and $11.3 million, or $0.11 per share, for the three and nine months ended September 30, 2010.

Revenue The increase in revenue for the three and nine months ended September 30, 2011, as compared with the same periods in 2010, was primarily due to an increase in revenue from the company's contract with the National Institute of Allergy and Infectious Diseases ("NIAID"). This contract revenue amounted to $1.9 million and $6.4 million for the three and nine months ended September 30, 2011, as compared with $895,000 and $2.7 million for the same periods in 2010. This NIAID HIV Vaccine Design and Development Teams contract, which exceeds $23 million over five years (plus two additional option years), is facilitating Inovio's development of a universal, preventive HIV DNA vaccine, PENNVAX™-GP, focused on providing coverage against a broad set of global HIV clades, or sub-types.

Operating Expenses Research and development expenses for the three and nine months ended September 30, 2011, were $7.0 million and $15.9 million as compared to $3.0 m
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SOURCE Inovio Pharmaceuticals, Inc.
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