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Inovio Pharmaceuticals Reports 2016 First Quarter Financial Results

PLYMOUTH MEETING, Pa., May 09, 2016 (GLOBE NEWSWIRE) -- Inovio Pharmaceuticals, Inc. (INO) today reported financial results for the quarter ended March 31, 2016.

Total revenue was $8.1 million for the three months ended March 31, 2016, compared to $5.2 million for the same period in 2015. Total operating expenses were $23.6 million compared to $13.5 million.

The net loss attributable to common stockholders for the quarter ended March 31, 2016, was $8.0 million, or $0.11 per share, compared to $10.6 million, or $0.17 per share, for the quarter ended March 31, 2015.

Revenue

The increase in revenue was primarily due to an increase in development payments from our DARPA Ebola grant.

Operating Expenses

Research and development expenses for Q1 2016 were $18.2 million compared to $9.4 million for Q1 2015. The increase in R&D expenses was generally related to increased investment in all our product development programs. General and administrative expenses were $5.4 million for Q1 2016 versus $4.1 million for Q1 2015.

Capital Resources

As of March 31, 2016, cash and cash equivalents and short-term investments were $146.8 million compared with $163.0 million as of December 31, 2015. At quarter end the company had 72.3 million shares outstanding and 80.7 million fully diluted.

Inovio’s balance sheet and statement of operations are provided below. Form 10-Q providing the complete 2016 first quarter financial report can be found at: http://ir.inovio.com/secfilings.

Corporate Update

Clinical Development

  • Subsequent to the quarter, Inovio held constructive meetings with both FDA (end of phase II) and European Medicines Agency (EMA) providing an affirmative path forward toward an indication for VGX-3100 to treat HPV-16/18-related high grade cervical dysplasia that is consistent with our previously reported expectations to start a pivotal phase III registration study in 2016.
  • Interim data from the fully enrolled phase I study of INO-4212 Ebola vaccine in 75 healthy subjects showed it was safe, tolerable, and generated strong T cell and antibody responses.
  • Inovio and GeneOne Life Science Inc. began recruitment of the collaborative study of GLS-5300 MERS (Middle East Respiratory Syndrome) vaccine with Walter Reed Army Institute of Research.

Corporate Development

  • Subsequent to the quarter, Inovio completed the acquisition of all of Bioject Medical Technologies Inc.’s assets, including pioneering needle-free jet injection technology, devices, and intellectual property, for $5.5 million in cash and stock.
  • Received $500,000 grant from the U.S. Army’s Small Business Innovation Research program to advance Inovio’s next generation delivery device capable of administering vaccines via skin-surface, needle-free electroporation delivery.
  • Signed collaborative research agreements with the Wistar Institute for therapeutic and preventive DNA-based immunotherapy applications and products for cancers and infectious diseases developed by David B. Weiner, Ph.D., and his Wistar laboratory. Inovio will have the exclusive right to in-license new intellectual property developed in this collaboration.
  • VGX-3100 HPV cervical dysplasia immunotherapy recognized as "Best Therapeutic Vaccine" by World Vaccine Congress for fourth consecutive year.

Preclinical Development

  • The Journal of Infectious Diseases published the paper, “Rapid and long-term immunity elicited by DNA encoded antibody prophylaxis and DNA...

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