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Department of Defense Awards $5.8 Million Contract Modification Providing Additional Funding for PharmAthene's Protexia(R) Program
Date:3/26/2008

ANNAPOLIS, Md., March 26 /PRNewswire-FirstCall/ -- PharmAthene, Inc., (Amex: PIP) a biodefense company specializing in the development and commercialization of medical countermeasures against chemical and biological terrorism, announced today that it has been awarded a contract modification providing an additional value of $5.8 million for continued development of Protexia(R), the Company's broad spectrum chemical nerve agent prophylaxis.

In September 2006, PharmAthene was awarded a multi-year contract from the Department of Defense (DoD) U.S. Army Space and Missile Command for advanced development of Protexia(R) valued at up to $213 million, provided that certain milestones are achieved and that all contract options and extensions are exercised by the government.

The work made possible by this award will provide an additional value of $5.8 million and has been provided through a contract modification initiated by DoD. Including these additional funds, the contract is now valued at up to $219 million, assuming all milestones are achieved and that all contract extensions and options are exercised by the DoD.

"Our successful performance to date has permitted the Department of Defense to provide additional funding which enables PharmAthene to pursue activities aimed at further enhancing the program," commented Dr. John Troyer, Senior Program Director for Protexia(R). "We are delighted at the continued strong interest and support from the DoD in our Protexia(R) program."

"The DoD continues to be at the forefront of the development of novel medical countermeasures and we are very pleased and fortunate to have such an outstanding partner with which to collaborate on our Protexia(R) program," continued Dr. Troyer.


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SOURCE PharmAthene, Inc.
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