Updates

PharmAthene Receives Four Therapeutic Discovery Project Grants Totaling Approximately $850,000

PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced today that the Company was awarded four separate grants totaling approximately $850,000 under the Qualifying Therapeutic Discovery Project, enacted as part of the Patient Protection and Affordable Care Act of 2010 (P.L. 111-148). The grant is a benefit targeted to small business therapeutic discovery projects that show a potential to result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions.

"We are delighted that PharmAthene was selected as a grant recipient under this program," commented Eric I. Richman, President and Chief Executive Officer. The Therapeutic Discovery initiative was established to promote the research and development of biomedical programs that show significant potential to produce new and cost-saving therapies, support quality job creation, and increase U.S. competitiveness. Since its inception, PharmAthene has focused on developing urgently needed, best-in-, next generation medical countermeasures that offer the potential for improved safety, convenience, and cost-effectiveness, consistent with this imperative. We look forward to advancing our mission and remain committed to meeting the needs of the U.S. government to ensure the safety and well-being of Americans at home and on the battlefield."

About PharmAthene, Inc. PharmAthene was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons. PharmAthene's lead product development programs include:

  • SparVax(TM) - a second generation recombinant protective antigen (rPA) anthrax vaccine
  • Valortim(R) - a fully human monoclonal antibody for the prevention and treatment of anthrax infection
  • rBChE - recombinant butyrylcholinesterase bioscavanger: Protexia(R) and a second generation Advanced Expression System ("AES") countermeasures for nerve agent poisoning by organophosphate compounds, including nerve gases and pesticides

For more information, contact: Stacey Jurchison Director, Corporate Communications Phone: 410-269-2610 Email: Stacey.Jurchison@PharmAthene.com

Statement on Cautionary Factors Except for the historical information presented herein, matters discussed may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "potential"; "believe"; "anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may"; "should"; "will"; "project"; "potential"; or similar statements are forward-looking statements. PharmAthene disclaims any intent or obligation to update these forward-looking statements other than as required by law. Risks and uncertainties include risk associated with the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the Company's development programs, the award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, technology transfer, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, challenges related to the implementation of our NYSE Amex compliance plan, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC"). In particular, there can be no assurance that PharmAthene will satisfy the NYSE Amex continuing listing standards by January 26, 2012, or that during the compliance period the Exchange will not deem PharmAthene's progress toward compliance inadequate.