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Chem Rx to Present at the Paramount BioSciences Healthcare Conference
Date:10/19/2007

Keynote Luncheon Address by James Cornelius, CEO of Bristol-Myers Squibb

NEW YORK, Oct. 19 /PRNewswire-FirstCall/ -- Paramount Acquisition Corp. (OTC Bulletin Board: PMQC, PMQCU, PMQCW) announced today that Chem Rx, a major privately-owned long-term care pharmacy based in Long Beach, New York, will be presenting at the Paramount BioSciences Healthcare Conference, which is being held on Tuesday, October 23 in New York, NY.

Steven Silva, Executive VP and Chief Operating Officer, and Chuck Kelly, Chief Financial Officer, will present at the conference.

Date: Tuesday, October 23, 2007

Place: Waldorf Astoria Hotel in New York City

Time: 11:30 AM ET

Those who are interested in attending may visit http://www.paramountbio.com/hcare2007 to register. Or, contact Ms. Tara Crosson of Paramount BioSciences at tcrosson@paramountbio.com or (212) 554-4351.

The special meeting of Paramount's stockholders to consider the previously announced acquisition of Chem Rx will be held on Monday, October 22, 2007, at 10 a.m. (New York City time), at the offices of Covington & Burling LLP, The New York Times Building, 620 8th Avenue, New York, NY 10018. Assuming that stockholder approval is received, Paramount anticipates consummating the acquisition of Chem Rx no later than Friday, October 26, 2007.

ABOUT CHEM RX

Founded more than 40 years ago, Chem Rx is a major, privately-owned long- term care pharmacy serving the New York City metropolitan area, as well as parts of New Jersey, upstate New York, and Pennsylvania. Chem Rx's client base includes skilled nursing facilities and a wide range of other long-term care facilities. Chem Rx provides to more than 61,000 residents prescription and non-prescription drugs, intravenous medications, durable medical equipment items and surgical supplies. Chem Rx'
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SOURCE Paramount Acquisition Corp.
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