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

ributable to common shareholders was $0.03 million, or $0.00 per share, compared to $4.3 million, or $0.14 per share, in the same period of 2010.  The year-over-year decrease in net loss includes the impact of the change in fair value of the Company's derivative instruments, which resulted in a non-cash decrease of expenses of $2.9 million for the three months ended September 30, 2011 compared to a non-cash decrease of expenses of $0.08 million for the same period in 2010. The decrease in fair value realized during the third quarter of 2011 was primarily the result of the decrease in PharmAthene's stock price from $2.94 per share on June 30, 2011 to $1.76 per share on September 30, 2011.

As of September 30, 2011, the Company had cash and cash equivalents, short-term investments, and net U.S. government accounts receivables and other receivables, including unbilled receivables, totaling approximately $16.9 million compared to $21.6 million at December 31, 2010.  The decrease at September 30, 2011 was primarily due to a combination of a loss from operations of $10.6 million, partially offset by proceeds from a registered direct public offering of common stock and warrants completed in June 2011, which raised net proceeds for the Company of $5.8 million, as well as a net reduction in receivables, prepaid expenses and other current assets and noncash expenses."During the quarter we made significant progress across our biodefense countermeasures programs, particularly in our development of our second generation anthrax vaccine, SparVax™," continued Mr. Richman.  "We recently completed the first 1,500 cGMP manufacturing production run as part of the development of a robust manufacturing process.  This is a significant achievement for our Company and enables us to potentially produce more than 150 million rPA vaccine equivalent doses of bulk drug substance at a 50 mcg dose.  We were also awarded a contract valued at $5.7 million
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SOURCE PharmAthene, Inc.
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1. PharmAthene Progresses Second Generation rPA Anthrax Vaccine
2. PharmAthene Appoints Brian A. Markison to the Companys Board of Directors
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
6. PharmAthene Achieves Anthrax Vaccine Program Milestone and Successfully Completes Technology Transfer
7. PharmAthene Completes $6.5 Million Registered Direct Offering
8. PharmAthene Reports First Quarter 2011 Financial and Operating Results
9. PharmAthene to Host Year-End 2010 Earnings Conference Call and Webcast on Monday, March 28, 2011
10. PharmAthene Strengthens Scientific Leadership and Program Management for Future Growth
11. PharmAthene Receives FDA Clearance to Reinitiate Clinical Testing of Valortim®
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