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About Biota

Biota Pharmaceuticals, Inc. is a biopharmaceutical company focused on the discovery and development of innovative anti-infective products to prevent and treat a number of serious and potentially life-threatening viral and bacterial infectious diseases. The Company currently has two Phase 2 clinical-stage development programs, laninamivir octanoate and vapendavir, and also has preclinical programs focused on developing treatments for respiratory syncytial virus (RSV) infections, hepatitis C virus (HCV), gram-positive and gram-negative bacterial infections. For additional information about the Company, please visit www.biotapharma.com.

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve known and unknown risks and uncertainties. All statements, other than historical facts, including statements regarding: the timing of commencement and/or completion of the Company's clinical trials; the planned design, size and timing of when the Company anticipates initiating a 636-patient, placebo-controlled Phase 2 clinical trial of laninamivir octanoate; and the anticipated time to complete management's ongoing strategic, operational and financial review, are forward looking statements. Various important factors could cause actual results, performance, events or achievements to materially differ from those expressed or implied by the forward-looking statements, including: BARDA not terminating or significantly amending the Company's existing contract to develop laninamivir octanoate for the U.S.; the Company, BARDA, the FDA, a data safety monitoring board, or an institutional review board, delaying, limiting, suspending or terminating the clinical development of laninamivir octanoate at any time for a lack of safety, tolerability, anti-viral activity, commercial viability, regulatory or manufacturing issues, or any other reason whatsoever; the Company's ability to comply with extensive government regulations in various countries and regions in which it expects to conduct clinical trials; the Company's ability to secure, manage and retain qualified third-party clinical research, preclinical research, data management and contract manufacturing organizations who it relies on to assist in the design, development and implementation of the clinical development of its product candidates, including laninamivir octanoate; and other cautionary statements contained elsewhere in this press release and in the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2012, as filed with the Securities and Exchange Commission, or SEC, on February 11, 2013.

There may be events in the future that the Company is unable to predict, or over which it has no control, and the Company's business, financial condition, results of operations and prospects may change in the future. The Company may not update these forward-looking statements more frequently than quarterly unless it has an obligation under U.S. Federal securities laws to do so.

Biota is a registered trademark of Biota Holdings Limited. Relenza™ is a trademark of GlaxoSmithKline plc, Inavir® is a registered trademark of Daiichi Sankyo Company, Ltd, and TwinCaps® is a registered trademark of Hovione FarmaCiencia SA.

                        BIOTA PHARMACEUTICALS, INC.                   CONDENSED CONSOLIDATED BALANCE SHEETS                                (unaudited)                  (in thousands, except per share amounts)                                         December 31,2012    June 30,2012                                         ----------------  ----------------                                   ASSETSCurrent assets  Cash and cash equivalents              $         74,111  $         53,790  Accounts receivable                              11,383             5,966  Prepaid and other current assets                  2,495             1,374                                         ----------------  ----------------    Total current assets                           87,989            61,130Non-current assets:  Property and equipment, net                       4,454             4,944  Intangible assets, net                            1,312             1,804  Deferred tax assets                               2,427             1,419                                         ----------------  ----------------    Total non-current assets                        8,193             8,167                                         ----------------  ----------------    Total assets                         $         96,182  $         69,297                                         ================  ================                    LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:  Accounts payable                       $          4,466  $          2,851  Accrued expenses                                  5,649             6,133  Accrued severance obligations                     4,423                 -  Deferred revenue                                    881               398  Deferred tax liabilities                          1,526               130                                         ----------------  ----------------    Total current liabilities                      16,945             9,512Non-current liabilities:  Other liabilities, net of current   portion                                            275               504                                         ----------------  ----------------    Total non-current liabilities                     275               504    Total liabilities                              17,220            10,016Stockholders' equity:  Common stock, $0.10 par value;   200,000,000 shares authorized   34,219,690 shares issued and   182,350,316 shares outstanding at   December 31, 2012 and June 30, 2012,   respectively                                     3,422           100,394  Additional paid-in capital                      234,384               668  Treasury stock, 5,867,361 and   1,816,178 at cost, at December 31,   2012 and June 30, 2012, respectively          (117,048)           (1,397)  Accumulated other comprehensive income           30,517            29,516  Accumulated deficit                             (72,313)          (69,900)                                         ----------------  ----------------    Total stockholders' equity                     78,962            59,281                                         ----------------  ----------------    Total liabilities and stockholders'     equity                              $         96,182  $         69,297                                         ================  ================                        BIOTA PHARMACEUTICALS, INC.              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                                (unaudited)                  (in thousands, except per share amounts)                            Three Months Ended         Six Months Ended                               December 31,              December 31,                         ------------------------  ------------------------                             2012         2011         2012         2011                         -----------  -----------  -----------  -----------Revenue:  Royalty revenue and   milestones            $     1,943  $    (1,047) $     1,927  $     1,460  Revenue from services        8,208        3,121        9,681        4,732  Other                          235           19          242           47                         -----------  -----------  -----------  -----------Total revenue                 10,386        2,093       11,850        6,239Operating expense:                              `  Cost of revenue              7,088        2,929        8,637        4,260  Research and   development                 4,046        5,727        8,647       12,056  General and   administrative              7,077        1,853       10,268        3,651                         -----------  -----------  -----------  -----------Total operating expense       18,211       10,509       27,552       19,967                         -----------  -----------  -----------  -----------Loss from operations          (7,825)      (8,416)     (15,702)     (13,728)Non-operating income:  Gain recorded on   merger                      7,805            -        7,805            -  Research and   development credit          4,428            -        4,428            -  Interest income                415          841          952        1,826                         -----------  -----------  -----------  -----------Income (loss) before tax       4,823       (7,575)      (2,517)     (11,902)Income tax benefit                 6          520          104          650                         -----------  -----------  -----------  -----------Net income (loss)        $     4,829  $    (7,055) $    (2,413) $   (11,252)                         ===========  ===========  ===========  ===========Basic income (loss) per share                   $      0.17  $     (0.31) $     (0.09) $     (0.50)Diluted income (loss) per share               $      0.17  $     (0.31) $     (0.09) $     (0.50)Basic weighted-average shares outstanding       28,137,346   22,695,081   28,137,346   22,695,081Diluted weighted-average shares outstanding       28,352,329   22,695,081   28,137,346   22,695,081