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PharmAthene Announces $5.5 Million Public Equity Offering
Date:3/24/2009

ANNAPOLIS, Md., March 24 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, announced today that certain institutional investors have agreed to purchase approximately $5.5 million of its common stock and warrants in a registered public offering.

Under the terms of the purchase agreements, PharmAthene will sell an aggregate of 2,116,055 newly issued shares of its common stock at $2.60 per share and warrants to purchase an aggregate of 696,295 shares of its common stock at an exercise price of $3.00 per share. The warrants will be exercisable beginning on the 6 month anniversary of the closing date of the transaction and will expire five years from the date they become exercisable.

The financing is expected to close on or about March 26, 2009, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the transaction for general corporate purposes, including the satisfaction of existing obligations.

Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NasdaqGM: RODM), served as lead placement agent, and Caris & Company served as co-placement agent for the offering, and WBB Securities, LLC acted as the Company's financial advisor.

The securities described above are being offered by PharmAthene pursuant to a registration statement previously filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the sec
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SOURCE PharmAthene, Inc.
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