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Chem Rx to Present at the Paramount BioSciences Healthcare Conference

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 to register. Or, contact Ms. Tara Crosson of Paramount BioSciences at 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.


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's website address is


Paramount Acquisition Corp. is a special purpose acquisition corporation that was formed for the specific purpose of effecting a merger, capital stock exchange, asset acquisition, or other similar business combination with an operating business in the healthcare industry. Paramount raised net proceeds of approximately $53 million through its initial public offering consummated in October 2005 and exercise of the over-allotment option, and has dedicated its attention since the offering to seeking and evaluating business combination opportunities.

Paramount Acquisition Corp. is an affiliate of Paramount BioSciences, LLC, which focuses primarily on the development of promising in-licensed drug candidates. Founded in 1991 by Lindsay A. Rosenwald, M.D., Paramount BioSciences is a unique drug development and health care financial company that, with the assistance of its affiliated life sciences merchant bank, has created approximately 50 start-up companies over the past fifteen years, about half of those over the past four years alone. Since its inception, Paramount BioSciences and its affiliated companies have been involved in the clinical development of more than seventy drug candidates -- several of which have reached the market -- and have over forty compounds in clinical development today. Paramount BioSciences has extensive experience in all facets of the development of emerging life sciences companies and provides its portfolio companies a wide range of professional and financial support services.

Cautionary Statements

This press release contains forward-looking statements about Paramount, Chem Rx and their combined business after completion of the proposed business combination. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are based upon the current beliefs and expectations of Paramount's or Chem Rx's management and are subject to risks and uncertainties that could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward- looking statements: compliance with government regulations; changes in legislation or regulatory environments; requirements or changes adversely affecting the health care industry, including changes in Medicare reimbursement policies; fluctuations in customer demand; management of rapid growth; intensity of competition; timing, approval and market acceptance of new product introductions; general economic conditions; geopolitical events and regulatory changes, as well as other relevant risks detailed in Paramount's filings with the SEC, including its Annual Report on Form 10-KSB for the year ended December 31, 2006. The information set forth herein should be read in light of such risks. Paramount does not assume any obligation to update the information contained in this press release. Additional information concerning the transaction is included in the definitive proxy statement filed by Paramount with the SEC on October 2, 2007, the proxy supplements filed by Paramount with the SEC on October 12, 2007 and October 17, 2007, and the Current Report on Form 8-K originally filed on June 4, 2007, and amended on July 2, 2007, by Paramount with the SEC. STOCKHOLDERS OF PARAMOUNT AND OTHER INTERESTED PERSONS ARE ADVISED TO READ PARAMOUNT'S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO IN CONNECTION WITH THE SOLICITATION OF PROXIES FOR THE SPECIAL MEETING BECAUSE IT CONTAINS IMPORTANT INFORMATION. Such persons may also read Paramount's final prospectus, dated October 21, 2005, as well as its periodic reports for more information about Paramount, its officers and directors and their interests in a successful completion of a business combination. Stockholders may obtain a copy of the definitive proxy statement and any supplements thereto, without charge, as well as Paramount's final prospectus and periodic reports, at the SEC's Internet site or by directing a request to Paramount Acquisition Corp., 787 7th Avenue, 48th Floor, New York, NY 10019.


J. Jay Lobell

Chief Executive Officer & Secretary

Paramount Acquisition Corp.

(212) 554-4522

Stephanie Carrington / Elizabeth Scott

The Ruth Group

646-536- 7017 / 7014

SOURCE Paramount Acquisition Corp.
Copyright©2007 PR Newswire.
All rights reserved

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