Hearing Scheduled in the Delaware Court of Chancery for August 27, 2007 to Establish the Valid Approval and Consummation of the Merger Between PharmAthene, Inc. and Healthcare Acquisi...( ANNAPOLIS Md. Aug. 17 /- PharmAth...)

ANNAPOLIS, Md., Aug. 17 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (Amex: PIP) announced today that a hearing has been scheduled by the Delaware Court of Chancery for 2:00 p.m. on Monday, August 27, 2007, in an action filed by PharmAthene stockholder Matthew P. Kinley pursuant to Section 225(b) of the Delaware General Corporation Law seeking a determination from the Delaware Court of Chancery that the merger between PharmAthene, Inc. and Healthcare Acquisition Corp. (the "Merger") was validly approved at the Special Meeting of Stockholders of Healthcare Acquisition Corp. on August 3, 2007 and thereafter consummated by the filing of a Certificate of Merger with the Delaware Secretary of State. By this press release, PharmaAthene is providing notice to all holders of the common stock of PharmAthene, Inc. (formerly known as Healthcare Acquisition Corp.) of the pending judicial action in the Delaware Court of Chancery.

As previously disclosed in the press release dated August 6, 2007, the tabulation of the number of shares demanding conversion into a right to receive cash rather than shares in the post-merger entity was initially misreported to the Special Meeting of Stockholders of Healthcare Acquisition Corp. by its transfer agent. Following that misreporting, certain of the officers, directors and stockholders of Healthcare Acquisition Corp. and certain stockholders of PharmAthene purchased additional shares of common stock of Healthcare Acquisition Corp., reducing the number of conversion elections and allowing for consummation of the Merger. In his Complaint, PharmAthene stockholder Matthew P. Kinley alleges that the stockholder action taken at the Special Meeting of Stockholders of Healthcare Acquisition Corp.
'/>"/>

SOURCE PharmAthene, Inc. Copyright©2007 PR Newswire.

1 GOOD