Investor Relations (IR) Questions: PharmAthene Inc PIP
Answers received: February 2013
1) When is the last time PIP raised cash through an offering (diluted)?
Here is a summary of our financing transactions:
1) When is the last time PIP raised cash through an offering (diluted)?
Here is a summary of our financing transactions:
2) How much cash (not cash equivalents) does PIP have?
We reported $14.7M in cash at 9/30/12 and $5.6M in government receivables.
3) What and approximately when is the next known catalyst?
We are expecting a decision from the Delaware Supreme court regarding the litigation with SIGA Technologies. A decision is expected any time between now and mid April 2013.
4) What is PIP's quarterly cash burn?
We have not provided guidance for 2013, however our guidance for cash burn in 2012 was approximately $6M for the year.
5) Does PIP have an existing line of credit and if so how much can they draw against it?
Yes, see below for more details:
GE Capital Summary Terms:
· Term loan of $2.5M
o funded on 3/30/12 for $2.5 million (approximately $2.4 million net of expenses) $858,000 disbursed to the Company in connection with the initial draw on the line of credit
o fixed interest rate of 10.14% per annum
o maturity September2015
o payments are interest-only for the first 10 months (may be extended to 12 months) and will full amortize over its remaining term
· Line of credit of up to $5.0M
o based on the Company’s outstanding qualified accounts receivable
o adjustable interest rate based upon 3-month LIBOR with a floor of 1.5%, plus 5% (as of 3/30/12 the interest rate was 6.5%)
o maturity in September 2015.
· Prepayment premium equal to 3% of the then outstanding principal amount of the term loan during the first two years of the loan and 2% during the third year and thereafter
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We reported $14.7M in cash at 9/30/12 and $5.6M in government receivables.
3) What and approximately when is the next known catalyst?
We are expecting a decision from the Delaware Supreme court regarding the litigation with SIGA Technologies. A decision is expected any time between now and mid April 2013.
4) What is PIP's quarterly cash burn?
We have not provided guidance for 2013, however our guidance for cash burn in 2012 was approximately $6M for the year.
5) Does PIP have an existing line of credit and if so how much can they draw against it?
Yes, see below for more details:
GE Capital Summary Terms:
· Term loan of $2.5M
o funded on 3/30/12 for $2.5 million (approximately $2.4 million net of expenses) $858,000 disbursed to the Company in connection with the initial draw on the line of credit
o fixed interest rate of 10.14% per annum
o maturity September2015
o payments are interest-only for the first 10 months (may be extended to 12 months) and will full amortize over its remaining term
· Line of credit of up to $5.0M
o based on the Company’s outstanding qualified accounts receivable
o adjustable interest rate based upon 3-month LIBOR with a floor of 1.5%, plus 5% (as of 3/30/12 the interest rate was 6.5%)
o maturity in September 2015.
· Prepayment premium equal to 3% of the then outstanding principal amount of the term loan during the first two years of the loan and 2% during the third year and thereafter
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Answers received: September 2012
1) When is the last time PIP raised cash through an offering (diluted)?
Our last financing occurred in 6/2011. We issued 1,857,143 shares and raised $6.5 million
2) How much cash (not cash equivalents) does PIP have?
At June 30, 2012 our cash position was $11.8 million with $8.2 million in US government receivables.
3) What and approximately when is the next known catalyst?
The next major catalyst will be a decision from the Delaware Supreme Court on the appeal / litigation.
4) What is PIP's quarterly cash burn?
Our cash burn is approximately $6 million annually.
5) Does PIP have an existing line of credit and if so how much can they draw against it?
We have a line of credit for up to $5M, based on our qualified outstanding accounts receivable.
Our last financing occurred in 6/2011. We issued 1,857,143 shares and raised $6.5 million
2) How much cash (not cash equivalents) does PIP have?
At June 30, 2012 our cash position was $11.8 million with $8.2 million in US government receivables.
3) What and approximately when is the next known catalyst?
The next major catalyst will be a decision from the Delaware Supreme Court on the appeal / litigation.
4) What is PIP's quarterly cash burn?
Our cash burn is approximately $6 million annually.
5) Does PIP have an existing line of credit and if so how much can they draw against it?
We have a line of credit for up to $5M, based on our qualified outstanding accounts receivable.