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PharmAthene Reports Third Quarter 2013 Financial And Operational Results
Date:11/7/2013

le pre-clinical and discovery product candidates targeting important, high-value government and commercial markets."

"We believe that by combining PharmAthene's vaccine and biologics development capabilities and government contracting expertise with Theraclone's proprietary monoclonal antibody pipeline and discovery platform, we will create a premier, commercially-focused biologics organization.  As a stronger company with increased portfolio diversification, expanded access to non-dilutive government funding, and a highly-experienced management team, the combination of PharmAthene and Theraclone represents a significant, value-creating opportunity with the potential to generate sustainable, long-term growth and value for PharmAthene stockholders."

Third Quarter 2013 Financial ResultsRevenueFor the third quarter of 2013, PharmAthene recognized revenue of $3.5 million compared to $6.7 million for the same period in 2012.  Revenue in the third quarter of 2013 was primarily derived from development contracts with the U.S. government for the Company's biodefense product candidates.  The decrease in revenue in the third quarter of 2013 is largely attributable to the substitution or completion of specific activities designated under the SparVax® contract, as well as the postponement of certain activities arising in part from the Food and Drug Administration (FDA) clinical hold initiated in August 2012 and subsequently lifted in May 2013.

Operating ExpensesResearch and development expenses were $2.6 million in the third quarter of 2013, compared to $5.1 million in the third quarter of 2012. The decrease in the current period resulted primarily from reduced expenses for the SparVax® program related to an overall decrease in activities under that program in 2013.

Expenses associated with general and administrative functions were $4.1 million in the third quarter of 2013 compared to $3.3 million in t
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SOURCE PharmAthene, Inc.
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