ANNAPOLIS, Md., May 8, 2013 /PRNewswire/ -- PharmAthene, Inc. (NYSE MKT: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported its financial and operational results for the first quarter of 2013.
"We made steady progress in our biodefense programs this quarter," said Eric I. Richman , President and Chief Executive Officer. "We submitted to the U.S. Food and Drug Administration (FDA) our complete response to the SparVax® clinical hold notification and look forward to moving ahead soon.
"Regarding our chemical and nerve agent bioscavenger program, testing conducted by the U.S. Army Research Institute for Chemical Defense showed that our recombinant bioscavenger successfully targets and binds to a broad spectrum of nerve agents, including sarin and tabun. These agents are believed to be part of the Syrian chemical weapons inventory. If successful, we believe that our recombinant bioscavenger could provide a more cost-effective solution to address the threat of chemical weapons."
Linda L. Chang , Senior Vice President and Chief Financial Officer, commented, "We are off to a good start in 2013 meeting our financial objectives, including achieving neutral to slightly positive cash flow in the first quarter. For the year, we anticipate relatively low cash usage overall, consistent with the capital-efficient nature of our government contracting business model."
Additionally, oral arguments on the appeal of the May 2012 Delaware Court of Chancery final order and judgment, awarding PharmAthene a significant economic interest in SIGA Technologies' smallpox antiviral, Arestvyr™, were heard in the Delaware Supreme Court in the first quarter. The Company anticipates a ruling by the Supreme Court on the appeal could occur by the end of the
|SOURCE PharmAthene, Inc.|
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