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Inovio Pharmaceuticals Reports 2010 Fourth Quarter and Year End Financial Results

Thu, 03/17/2011 - 12:36am
Bio-Medicine.Org

BLUE BELL, Pa., March 17, 2011 /PRNewswire/ -- Inovio Pharmaceuticals, Inc. (NYSE AMEX: INO) today reported financial results for the fourth quarter and year ended December 31, 2010.

Total revenue was $2.4 million and $6.1 million for the quarter and year ended December 31, 2010, compared to $2.6 million and $9.1 million for the quarter and year ended December 31, 2009.

Total operating expenses for the quarter and year ended December 31, 2010, were $7.6 million and $25.4 million, compared to $6.4 million and $23.1 million for the quarter and year ended December 31, 2009.

The net loss attributable to common stockholders for the quarter and year ended December 31, 2010, was $6.3 million, or $0.06 per share, and $17.6 million, or $0.17 per share, compared with a net loss attributable to common stockholders of $7.3 million, or $0.07 per share, and $24.4 million, or $0.33 per share, for the quarter and year ended December 31, 2009.

Revenue Revenue from license fees and milestone revenue was $146,000 and $527,000 for the quarter and year ended December 31, 2010, compared to $298,000 and $4.9 million for the quarter and year ended December 31, 2009. The decreases in the respective periods were mainly due to no revenue being recognized in 2010 under the terminated Wyeth collaboration and licensing agreement as a result of the cancellation of the agreement in July 2009.

During the quarter and year ended December 31, 2010, Inovio recorded grant and miscellaneous revenue of $2.2 million and $5.6 million, compared to $2.4 million and $4.0 million for the quarter and year ended December 31, 2009. The decrease for the comparable three-month periods was primarily due to lower revenue recognized from our contract with the National Institute of Allergy and Infectious Diseases (NIAID) offset by the $733,000 grant awarded in October 2010 under The Patient Pr

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