Boston, MA 05/27/2014 (wallstreetpr) – Inovio Pharmaceuticals Inc (NYSEMKT:INO) is developing vaccines for the treatment of cancers and other serious diseases through its patented synthetic vaccine technology. The Company primarily generates revenue from its collaborative R&D projects with major pharma players and grants from the government programs.
Highlights Of First Quarter
During the first quarter ended March 31, 2014 (1Q2014), Inovio’s total revenue was $2.4 million compared to $1.5 million for the same period 2013. The increase was due to the $1.4 million revenue recognized from the collaboration with Roche and an increase of $308K as grants under NIH research project that partially offset the lower revenue recognized from NIAID contracts.
The Company is leveraging its own technology and developing new treatment measures for chronic diseases and continues to develop new immune therapies against cancer, HIV and Hepatitis. As a result, total operating expenses continued to increase year over year to $12.4 million versus $8.1 million a year ego.
Inovio Pharmaceuticals Inc (NYSEMKT:INO) is yet to report positive earnings as most of the funds are utilized in R&D activities and reported operating loss of $10.0 million during the period compared to the loss of $6.6 million in 1Q2013. Subsequent to the operating loss, Inovio posted a net loss of $0.05 per share versus net loss of $0.06 per share during 1Q2013.
Funding Resources
The Company finances the entire operation either through self funding or the milestone received from the collaborative agreements with its partners. As of March 31, 2014, Inovio increased its net cash balance to $116.8 million and working capital to $106 million due to the $70 million of cash received from the exercise of stocks, warrants and stock options and $6.9 million from the maturities of investment securities.
Inovio Pharmaceuticals Inc (NYSEMKT:INO)’s management believes that the available funds will be sufficient to meet its requirement for working capital till 2017. Moreover, strong partnership in the area of immune therapies may help the Company to bring novel medicines especially vaccines to treat cancers and other chronic diseases.
