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PharmAthene Appoints Mitchel Sayare, Ph.D. to the Company's Board of Directors
Date:4/28/2010

ANNAPOLIS, Md., April 28 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today announced the appointment of Mitchel Sayare, Ph.D. to PharmAthene's Board of Directors, increasing the company's Board to nine members.

Dr. Sayare most recently served as Chairman and Chief Executive Officer of ImmunoGen, a publicly traded biotechnology company engaged in the research and development of antibody-based cancer therapeutics.  During his long and successful tenure with the company, he was responsible for leading a successful IPO for ImmunoGen and raising over $300 million of venture capital and public equity financing for the company.  During this time, Dr. Sayare also served as President of the 95%-owned ImmunoGen subsidiary, Apoptosis Technology, where he was responsible for managing operations for the organization.

Prior to joining ImmunoGen, Dr. Sayare served as Vice President, Development at Xenogen, Inc., a biotechnology company specializing in monoclonal antibody-based diagnostic systems for cancer.  In this role he oversaw all research and development, corporate development, and investor relations responsibilities for the company.

Dr. Sayare earned his Ph.D. in biochemistry from the Temple University School of Medicine and his undergraduate degree from Ursinus College.

"We are very pleased to have Dr. Sayare join PharmAthene's Board of Directors," commented John Pappajohn, Chairman of the Board.  "Mitch's extensive experience in the biotechnology industry – he was the first employee at ImmunoGen, provides a vast network of contacts and experiences to draw upon to assist PharmAthene in achieving its objective of being the leading provider of medical countermeasures for the nation.  As a former Director of the Biotechnology Industry Organization (BIO), Mitch is well known and respected within the biotechnology industry, and will bring an important and valuable perspective to PharmAthene."

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™ - a second generation recombinant protective antigen (rPA) anthrax vaccine
  • Third generation rPA anthrax vaccine
  • Valortim® - a fully human monoclonal antibody for the prevention and treatment of anthrax infection
  • Protexia® - a novel bioscavenger for the prevention and treatment of morbidity and mortality associated with exposure to chemical nerve agents

For more information about PharmAthene, please visit www.PharmAthene.com.

Statement on Cautionary Factors

Except for the historical information presented herein, matters discussed may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements preceded by, followed by, or that include the words "potential"; "believe"; "anticipate"; "intend"; "plan"; "expect"; "estimate"; "could"; "may"; "should"; or similar statements are forward-looking statements. PharmAthene disclaims, however, any intent or obligation to update these forward-looking statements. Risks and uncertainties include risk associated with the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the Company's product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the Company's development programs, the award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, technology transfer, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC").

Copies of PharmAthene's public disclosure filings are available from its investor relations department and our website under the investor relations tab at www.PharmAthene.com.


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SOURCE PharmAthene, Inc.
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