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Inovio Pharmaceuticals Reports 2013 Second Quarter Financial Results
Date:8/9/2013

BLUE BELL, Pa., Aug. 9, 2013 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE MKT: INO) today reported financial results for the quarter ended June 30, 2013.

Total revenue was $786,000 and $2.2 million for the three and six months ended June 30, 2013, compared to $436,000 and $2.1 million for the same periods in 2012.

Total operating expenses were $6.5 million and $14.5 million for the three and six months ended June 30, 2013, compared to $7.2 million and $13.1 million for the same periods in 2012.

The net loss attributable to common stockholders for the three and six months ended June 30, 2013, was $10.9 million, or $0.06 per share, and $19.7 million, or $0.12 per share, as compared with a net loss attributable to common stockholders of $4.1 million, or $0.03 per share, and $12.4 million, or $0.09 per share, for the three and six months ended June 30, 2012.

Revenue The increase in revenue for the comparable periods was primarily due to higher revenue recognized from our PATH Malaria Vaccine Initiative ("MVI") grant as well as an increase in revenue from our U.S. Department of Defense Small Business Innovation Research Grant and our grant subcontract with the University of Pennsylvania. The variance is also due to the timing of work performed under the company's contract with the National Institute of Allergy and Infectious Diseases (NIAID). This NIAID contract, which provides up to $25.3 million of funding over seven years, is facilitating Inovio's development of a universal, preventive HIV DNA vaccine, PENNVAX®-GP.

Operating Expenses Research and development expenses for the three and six months ended June 30, 2013 were $4.4 million and $9.5 million, compared to $4.5 million and $8.6 million for the same periods in 2012. The increase for the six month period was primarily due to $520,000 in higher clinical expenses related to our ongoing HPV-003 phase II clinical trial. General and administrative expenses for the thr
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SOURCE Inovio Pharmaceuticals, Inc.
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