Exhibit 99.3


Unaudited pro forma combined financial information of Cactus Ventures, Inc. and Actinium Pharmaceuticals, Inc.


The unaudited pro forma information below gives effect to the share exchange between Cactus Ventures, Inc. and Actinium Pharmaceuticals, Inc. as if it had been consummated as of the beginning of the applicable period.  The unaudited pro forma information has been derived from the historical Financial Statements of these two companies.  The unaudited pro forma information is for illustrative purposes only.  You should not rely on the unaudited pro forma financial information as being indicative of the historical results that would have been achieved had the acquisition occurred in the past or the future financial results that the Company will achieve after the merger.


Cactus Ventures, Inc. and Actinium Pharmaceuticals Inc.

Pro Forma Combined Balance Sheets

(Unaudited)

 

 

 

 

 

 

 

 

 

Cactus Ventures Inc.

Actinium

Pharmaceuticals Inc.

Pro Forma

 

Pro Forma

 

 

September 30, 2012

September 30, 2012

Adjustments

 

Combined

Current Assets

 

 

 

 

 

 

Cash

$                               -

$                2,566,669

$   4,300,000

(1)

$     6,866,669

 

R&D reimbursement receivable

-

187,765

-

 

187,765

 

Prepaid expenses and other current assets

-

41,066

-

 

41,066

 

Deferred financing costs

-

32,523

-

 

32,523

Total current assets

-

2,828,023

4,300,000

 

7,128,023

 

 

 

 

 

 

 

Property and equipment, net

-

2,616

-

 

2,616

 

 

 

 

 

 

 

Total Assets

$                               -

$                2,830,639

$   4,300,000

 

$     7,130,639

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity (Deficit)

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable and accrued expenses

$                     31,136

$                   576,624

(31,136)

(3)

$        576,624

 

Accounts payable - related party

-

50,000

-

 

50,000

 

Convertible notes payable, net

-

802,479

-

 

802,479

 

Derivative liabilities

-

5,204,348

-

 

5,204,348

Total current liabilities

31,136

6,633,451

(31,136)

 

6,633,451

 

 

 

 

 

 

 

Notes payable-related parties

72,857

-

(72,857)

(3)

-

Total liabilities

103,993

6,633,451

(103,993)

 

6,633,451

 

 

 

 

 

 

 

Shareholders' equity (deficit)

 

 

 

 

 

 

Preferred stock-series A

-

10,000

(10,000)

(1)

-

 

Preferred stock-series B

-

47,112

(47,112)

(1)

-

 

Preferred stock-series C-1

-

8,000

(8,000)

(1)

-

 

Preferred stock-series C-2

-

6,667

(6,667)

(1)

-

 

Preferred stock-series C-3

-

5,026

(5,026)

(1)

-

 

Preferred stock-series C-4

-

42,500

(42,500)

(1)

-

 

Preferred stock-series D

-

30,000

(30,000)

(1)

-

 

Preferred stock-series E

-

266,061

(266,061)

(1)

-

 

Common stock

111,550

24,078

(105,355)

(1)

211,303

 

 

 

 

181,030

(2)

 

 

Additional paid- in capital

63,885

48,430,356

(181,030)

(2)

52,958,497

 

 

 

 

4,820,721

(1)

 

 

 

 

 

103,993

(3)

 

 

 

 

 

(279,428)

(4)

 

 

Accumulated deficit

(279,428)

(52,672,612)

279,428

(4)

(52,672,612)

 

 

 

 

 

 

 

Total shareholders' equity (deficit)

(103,993)

(3,802,812)

4,403,993

 

497,188

 

 

 

 

 

 

 

Total liabilities and shareholders' equity (deficit)

$                               -

$                2,830,639

$   4,300,000

 

$     7,130,639

 

 

 

 

 

 

 

Pro forma footnotes:

 

 

 

 

 

 

 

 

 

 

 

 

(1)

To record estimated minimum net proceeds from the sale of common stock, conversion of notes payable and conversions of preferred stock of Actinium to common stock concurrent with the reverse merger.

 

(2)

To record 100% of Actinium Pharmaceuticals, Inc.’s fully diluted shares in exchange for 99% ofCactus Ventures, Inc. shares.

(3)

To eliminate accrued expenses and notes payable of Cactus Ventures, Inc. upon reverse merger.  Actinium Pharmaceuticals Inc. is not assuming the related debt.

(4)

To eliminate accumulated deficit of Cactus Ventures, Inc.





Cactus Ventures, Inc. and Actinium Pharmaceuticals, Inc.

Pro Forma Combined Statements of Operations

For the Nine Months Ended September 30, 2012

(Unaudited)

 

 

 

 

 

 

 

 

 

Cactus Ventures, Inc.

September 30, 2012

Actinium

Pharmaceuticals, Inc.

September 30, 2012

Pro Forma

Adjustments

 

Pro Forma

Combined

Revenues

$                                   -

$                                    -

$                               -

 

$                            -

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

Research and development, net

-

2,529,859

-

 

2,529,859

 

General and administrative

15,624

1,520,221

-

 

1,535,845

 

Depreciation and amortization

-

429

-

 

429

 

Total operating expense

15,624

4,050,509

-

 

4,066,133

 

 

 

 

 

 

 

Loss from operations

(15,624)

(4,050,509)

 

 

(4,066,133)

 

 

 

 

 

 

 

Other (income) expense:

 

 

 

 

 

 

Interest expense

4,040

952,241

(4,040)

(2)

952,241

 

Change in fair value of derivative liabilities

-

287,604

-

 

287,604

 

Total other (income) expense

4,040

1,239,845

(4,040)

 

1,239,845

 

 

 

 

 

 

 

Net loss

$                       (19,664)

$                  (5,290,354)

$                       4,040

 

$          (5,305,978)

 

 

 

 

 

 

 

Net loss per common share - basic and diluted

$                           (0.01)

$                           (2.20)

 

 

$                    (0.25)

 

 

 

 

 

 

 

Weighted average number of common shares

 

 

 

 

 

outstanding - basic and diluted

11,155,008

2,407,805

7,567,541

(1)

21,130,354

 

 

 

 

 

 

 

Pro forma footnotes:

 

 

 

 

 

 

 

 

 

 

 

 

1

To adjust weighted average number of common shares outstanding as if the shares issued under the merger were issued and outstanding at the beginning of the period.

2

To eliminate expense.  Actinium Pharmaceuticals Inc. is not assuming the related debt.





Cactus Ventures, Inc. and Actinium Pharmaceuticals, Inc.

Pro Forma Combined Statements of Operations

For the Year Ended December 31, 2011

(Unaudited)

 

 

 

 

 

 

 

 

 

Cactus Ventures, Inc.

December 31, 2011

Actinium

Pharmaceuticals, Inc.

December 31, 2011

Pro Forma

Adjustments

 

Pro Forma

Combined

Revenues

$                                     -

$                                    -

$                           -

 

$                       -

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

Research and development, net

-

323,788

-

 

323,788

 

General and administrative

9,952

2,959,246

-

 

2,969,198

 

Depreciation and amortization

-

633

-

 

633

 

Total operating expense

9,952

3,283,667

-

 

3,293,619

 

 

 

 

 

 

 

Loss from operations

(9,952)

(3,283,667)

-

 

(3,293,619)

 

 

 

 

 

 

 

Other (income) expense:

 

 

 

 

 

 

Interest expense

4,759

175,094

(4,759)

(2)

175,094

 

Gain on retention of deposit

(25,000)

-

 

 

(25,000)

 

Change in fair value of derivative liabilities

-

(13,966)

 

 

(13,966)

 

Total other (income) expense

(20,241)

161,128

(4,759)

 

136,128

 

 

 

 

 

 

 

Net income (loss)

$                           10,289

$                  (3,444,795)

4,759

 

$     (3,429,747)

 

 

 

 

 

 

 

Net income (loss) per common share - basic and diluted

$                                0.01

$                           (1.43)

 

 

$              (0.19)

 

 

 

 

 

 

 

Weighted average number of common shares

 

 

 

 

 

outstanding - basic and diluted

11,155,008

2,407,805

7,567,541

(1)

21,130,354

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

To adjust weighted average number of common shares outstanding as if the shares issued under the merger were issued and outstanding at the beginning of the period.

(2)

To eliminate expense.  Actinium Pharmaceuticals Inc. is not assuming the related debt.