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PharmAthene Reports First Quarter 2011 Financial and Operating Results

Thursday, May 12, 2011 General News J E 4
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PHARMATHENE, INC.

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended March 31,

2011

2010

Revenue

$

6,337,722

$

3,116,553

Operating expenses:

Research and development

5,820,374

4,952,393

General and administrative

4,939,654

5,325,422

Depreciation and amortization

117,629

245,258

Total operating expenses

10,877,657

10,523,073

Loss from operations

(4,539,935)

(7,406,520)

Other income (expense):

Interest income

3,154

3,483

Interest expense

(15,435)

(948,150)

Other income (expense)

(11,906)

139,422

Change in market value of derivative instruments

2,488,465

267,496

Total other income (expense)

2,464,278

(537,749)

Net loss

$

(2,075,657)

$

(7,944,269)

Basic and diluted net loss per share

$

(0.04)

$

(0.28)

Weighted average shares used in calculation of basic and diluted net loss per share

46,276,874

28,172,802

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