PharmAthene Inc., of Annapolis, which is developing medical countermeasures to chemical and biological warfare agents, saw its net loss grow despite an increase in revenue during the 12-month period of 2012, compared to the prior year.
PharmAthene reported a net loss of $4.9 million, or 10 cents per diluted share, versus $3.8 million, or 8 cents per diluted share, for the 2011 year. (The company did not report quarterly results.)
Revenue totaled $25.2 million versus $24.3 million in 2011. Officials said the increased loss was due to a change in the fair value of the company’s derivative instruments, which was partially offset by a decrease in operating expenses.