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PharmAthene Announces Proposed Common Stock Offering
Date:10/28/2010

ANNAPOLIS, Md., Oct. 28 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today announced that it intends to offer and sell shares of its common stock in an underwritten public offering. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. Roth Capital Partners, LLC. is acting as sole underwriter for the offering.

The shares are being offered by PharmAthene pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission ("SEC") on February 13, 2009. A preliminary prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Roth Capital Partners, LLC Syndicate Department,  24 Corporate Plaza, Newport Beach, CA 92660, at 800-678-9147 and Rothecm@roth.com. Before you invest, you should read the prospectus and prospectus supplement in that registration statement and other documents PharmAthene has filed or will file with the SEC for more complete information about PharmAthene and the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About PharmAthene, Inc.

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