Inovio Pharmaceuticals (AMEX:INO) said Wednesday that first quarter revenues significantly increased as the company benefited from one of its contracts and continued to progress the development of its vaccines.
Total revenue for the first three months of 2011 was $3.1 million, up from $1.4 million in the year-ago period.
The Pennsylvania-based company said the increase was due to higher revenue from its contract with the National Institute of Allergy and Infectious Diseases of $2.7 million, compared with $0.83 millon a year earlier.
Losses widened slightly due to higher research and development expenses, as the company made signficant operational progress during the quarter, including the launch of a new phase two trial for an HPV and cervical cancer vaccine. The company expects that a total of 148 patients will be enrolled in 25 study centres in the U.S., South Korea, South Africa, Australia, and Canada.
The DNA vaccine is designed to raise immune responses against the infected or transformed cervical cells and reject them from the body.
The company also has vaccines in development for a number of viruses, including HIV, flu, and herpes.
Net loss for the quarter was $2.4 million, or 2 cents per share, compared with a net loss of $2.3 million, or 2 cents per share, in the first quarter of 2010. Total operating expenses rose 33% to $7.7 million.
The company raised $25.7 million in gross new capital during the quarter, providing it with enough resources to fund its operations through to 2013, it said. At quarter-end, Inovio had cash, equivalents and short-term investments of $40.8 million.
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