Annapolis-basedbiodefense company PharmAthene, Inc. (NYSE Amex: PIP), increased revenue and reduced losses in the second quarter ended June 30, 2011.
Revenue totaled $6.4 Million in the quarter a year-over-year increase versus $4.8 Million in 2010. The increase was due to U.S. government funding for PharmAthene's SparVax and Valortim biodefense drug programs.
The company's balance sheet showed cash and cash equivalents of $14.16 Million as of June 30, 2011.
Net losses reduced to $2.44 Million in the quarter from $6.4 Million in the second quarter of 2010.