WASHINGTON (CNN) -- Sen. John McCain raised $12.5 million in the first quarter of 2007 for his presidential bid, the Arizona Republican's campaign announced Monday.

"We had hoped to do better in first quarter fundraising," Terry Nelson, McCain's campaign manager, said in a statement accompanying the fundraising release.

McCain, a front runner for the GOP presidential nomination, trailed former Massachusetts Gov. Mitt Romney and former New York Mayor Rudy Giuliani in fundraising in the first quarter. Romney raised more than $20 million, while Giuliani posted $15 million during the same time frame.

Despite trailing the two other candidates, Nelson said the campaign is in a strong position to move forward.

"We are already in the process of taking the necessary steps to ensure fundraising success moving forward," he said. "Fundraising in the first quarter is no more important than fundraising throughout the entire primary election campaign."