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PharmAthene, Inc. Closes on $19.3 Million Private Placement of Convertible Notes and Common Stock Warrants
Date:7/31/2009

g price of the common stock on the NYSE Amex on July 24, 2009 plus $0.041667. Principal and interest are due at maturity two years from the closing of the private placement.

In connection with the transaction, the Company also issued Warrants to purchase up to 2.6 million shares of PharmAthene common stock at $2.50 per share, the closing price of PharmAthene's common stock on the NYSE Amex on July 24, 2009. The Warrants will be exercisable for a period of five years beginning six months after the closing of the private placement. The Company did not engage a placement agent in connection with this transaction.

About the Securities

The securities that are being sold in the transaction have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. PharmAthene has agreed to file a registration statement under the Securities Act to register the shares of common stock issuable upon conversion of the notes and upon any exercise of the warrants for public resale from time to time in the future. There can be no assurances that the registration statement will be declared effective. The information contained in this press release does not constitute an offer for the sale of any securities.

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
  • Third generation rPA anthrax vaccine
  • Valortim(R) - a fully human monoclonal antibody for th
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SOURCE PharmAthene, Inc.
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