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
     -       243,600     -           243,600  
Convertible notes payable, net
     -       802,479     -           802,479  
Derivative liabilities
     -       5,204,348     -           5,204,348  
Total current liabilities
     31,136       6,827,051     (31,136 )         6.827,051  
                                   
Notes payable-related parties
     72,857       -     (72,857 ) (3 )     -  
Total liabilities
     103,993       6,827,051     (103,993 )         6,827,051  
                                   
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 )     (52,866,212 )   279,428   (4 )     (52,866,212 )
                                   
Total shareholders' equity (deficit)
     (103,993 )     (3,996,412 )   4,403,993           303,588  
                                   
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
     -       2,723,459       -           2,723,459  
General and administrative
     15,624       1,520,221       -           1,535,845  
Depreciation and amortization
     -       429       -           429  
Total operating expense
     15,624       4,244,109       -           4,259,733  
                                     
Loss from operations
     (15,624 )     (4,244,109 )                 (4,259,733 )
                                     
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 )   $ (5,483,954 )   $ 4,040         $ (5,499,578 )
                                     
Net loss per common share - basic and diluted
   $ (0.01 )   $ (2.28 )               $ (0.26 )
                                     
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.