By a News Reporter-Staff News Editor at Clinical Trials Week -- Inovio Pharmaceuticals, Inc. (NYSE MKT: INO) reported financial results for the quarter ended June 30, 2014 (see also Inovio Pharmaceuticals, Inc.).
Total revenue was $3.8 million and $6.2 million for the three and six months ended June 30, 2014, compared to $786,000 and $2.2 million for the same periods in 2013.
Total operating expenses were $14.0 million and $26.3 million for the three and six months ended June 30, 2014, compared to $6.5 million and $14.5 million for the same periods in 2013.
The loss from operations prior to other income (expenses) for the three and six months ended June 30, 2014, was $10.2 million, or $0.17 per share, and $20.2 million, or $0.35 per share, compared to $5.7 million, or $0.13 per share, and $12.3 million, or $0.29 per share, for the same periods in 2013.
The net loss attributable to common stockholders for the three and six months ended June 30, 2014, was $10.7 million, or $0.18 per share, and $21.5 million, or $0.37 per share, compared to $10.9 million, or $0.24 per share, and $19.7 million, or $0.47 per share, for the same periods in 2013.
The $0.2 million and $1.8 million increase in net loss attributable to common stockholders for the three and six months ended June 30, 2014, compared with the same periods in 2013 resulted primarily from an increase in R&D and clinical development expenses as well as non-cash stock-based compensation.
Dr. J. Joseph Kim, President and CEO, said, "Our second quarter marked a historical step for Inovio with the reporting of positive efficacy data from our HPV immunotherapeutic phase II study. We are extremely pleased with the comprehensive data outcomes of this study, including an impressive level of complete CIN 2/3 clearance, and their implications for VGX-3100 to potentially fulfill a significant unmet need as a non-surgical first-line treatment alternative for these cervical precancers. We are now in a position every biotechnology company hopes to reach, which is to have a product candidate with the merit to advance into a phase III registration study on the path toward commercialization. We are now making that commitment with VGX-3100.
"Apart from the positive outcome for our HPV franchise, this exciting data opens many new doors for the advancement and expansion of our broad cancer and infectious disease immune therapy developments. We are on the right path toward creating important and valuable therapies to help mankind."
Keywords for this news article include: Inovio Pharmaceuticals Inc., Investment and Finance.
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