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

he third quarter of 2012. The increase in general and administrative expenses in the third quarter of 2013 was due primarily to an increase in merger-related transaction costs.

Net LossFor the third quarter of 2013, PharmAthene's net loss was $3.9 million, or $0.08 per share, compared to a net loss of $0.2 million, or $0.00 per share during the same period in 2012.  The increase in net loss is primarily due to:  a change in the fair value of the Company's derivative instruments, which was largely the result of the change in the closing market price of PharmAthene's common stock; the 2012 gain on the realization of cumulative translation adjustment; and an increase in merger-related transaction costs in the 2013 period.

Cash, Cash Equivalents and Accounts ReceivableAs of September 30, 2013, the Company had cash and cash equivalents totaling approximately $15.9 million, compared to $12.7 million as of December 31, 2012.  U.S. government billed and unbilled accounts receivable totaled approximately $1.6 million at September 30, 2013 compared to $6.5 million at December 31, 2012.  The sum total of cash and cash equivalents and U.S. government accounts receivable at September 30, 2013 was approximately $17.6 million, compared to $19.2 million as of December 31, 2012.

About PharmAthenePharmAthene is a leading biodefense company engaged in the development and commercialization of next generation medical countermeasures against biological and chemical threats. PharmAthene's current biodefense portfolio includes the following product candidates:

  • SparVax® - a next generation recombinant protective (rPA) anthrax vaccine
  • rBChE bioscavenger - a medical countermeasure for nerve agent poisoning by organophosphorous compounds, including nerve gases and pesticides
  • Valortim® - a fully human monoclonal antibody for the prevention and treatment of anthrax infection
  • In addition
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    SOURCE PharmAthene, Inc.
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