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PharmAthene Reports Third Quarter 2011 Financial and Operating Results
Date:11/9/2011

g which the Court will render its final order.  We look forward to a resolution of these next steps and to SIGA's successful commercialization of ST-246, which has the opportunity for additional U.S. government procurement contracts."

Third Quarter Financial ResultsFor the third quarter of 2011 PharmAthene recognized revenue of $5.3 million compared to $6.2 million in the same period of 2010.  Revenues for the most recent quarter consisted of contract funding from the U.S. government for the development of the Company's SparVax™ and Valortim® biodefense programs.  

Revenues for the Company's SparVax™ program were $4.3 million for the three months ended September 30, 2011 compared to $3.8 million for the same period in 2010.  The increase in revenue for the Company's SparVax™ program is primarily attributable to additional work conducted in relation to the technology transfer process for SparVax™ to a US-based contract manufacturer and related milestone payments.

Revenues for the Company's Valortim® program were $0.9 million for the third quarter of 2011 compared to $0.6 million for the same period in 2010. The increase in revenues for SparVax™ and Valortim® during this period was offset by a decrease in Protexia® revenue resulting from the completion of PharmAthene's contract with the Department of Defense (DoD) in 2010.

Research and development expenses were $4.9 million for the quarter ended September 30, 2011 compared to $6.2 million for the same period in 2010.  The year-over-year difference in research and development expenses were primarily due to the decrease in development expenses related to the completion of the bioscavenger contract with the DoD.

General and administrative expenses were $3.3 million and $3.2 million for the quarters ended September 30, 2011 and 2010, respectively.

For the third quarter of 2011 PharmAthene's net loss att
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SOURCE PharmAthene, Inc.
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3. PharmAthene Achieves Significant Progress in SparVax™ Anthrax Vaccine Program
4. Department of Defense Awards $5.7 Million Contract to PharmAthene for Nerve Agent Medical Countermeasure Program
5. PharmAthene Selected for Inclusion in the Russell Global Index and Russell 3000 Index
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