Inovio Pharmaceuticals (AMEX:INO) announced Monday it narrowed its second quarter losses on higher grant revenues, beating Street estimates.
For the three months ending June 30, the Blue Bell, Pennsylvania-based company, which develops and manufactures vaccines for various cancers and other infectious diseases, posted a net loss of $2.8 million, or $0.02 loss per share, compared to a loss of $7.6 million, or a $0.07 loss per share, a year ago.
Revenues more than doubled to $2.4 million, from $1.1 million in the same period last year, as revenues from Inovio's contract with the National Institute of Allergy and Infectious Diseases increased to $1.7 million in the quarter.
Analysts had anticipated a $0.05 loss per share on $1.79 million in revenues.
Revenues from licensing fees and milestone payments totaled $26.5 million in the quarter, down 53%, despite extending its existing licensing agreement with the University of Pennsylvania, and adding exclusive worldwide licenses for the technology and intellectual property for its DNA vaccines, the company said.
However, grant and miscellaneous revenues rose over 138% to $2.3 million, mainly on a recently received grant from the National Institutes of Health, which Inovio said will help fund part of its second phase one clinical study for the company's universal influenza vaccine program. The study will assess Inovio's INO-3510 SynCon vaccine for H1N1 and H5N1 flus.
In other news, Inovio announced that one of its collaborators, the University of Southampton, is currently enrolling patients for the phase two clinical trial of its DNA vaccine to treat chronic myeloid leukemia and acute myeloid leukemia.
Another of Inovio's several partners, ChronTech Pharma AB, is also enrolling patients in a second phase two study of its ChronVac-C DNA vaccine for the treatment of the hepatitis C virus.
Interim data for both of these clinical studies are expected sometime during 2012.
Inovio saw its stock on the AMEX Exchange rise 1.58% to trade at $0.613 per share as of 2:02 pm EDT.