PharmAthene Closes Acquisition of Avecia Biodefense Vaccines Bus...( Strategic Acquisition Create...)

Strategic Acquisition Creates Expanded Biodefense Pipeline

ANNAPOLIS, Md., April 2, 2008 /PRNewswire-FirstCall/ -- PharmAthene, Inc., (Amex: PIP) a biodefense company specializing in the development and commercialization of medical countermeasures against biological and chemical threats, announced today that it has completed its acquisition of Avecia's biodefense vaccines business previously announced on March 20, 2008.

David P. Wright, President and Chief Executive Officer, commented, "PharmAthene's mission is to become a leading provider of biodefense medical countermeasures that are needed by the U.S. government and its allies. We have advanced this mission by pursuing an acquisitive growth strategy focused on high priority, next generation biodefense products for which the government has expressed a clear need and an intent to procure. The acquisition of Avecia's biodefense vaccines addresses both of these aspects and adds important near-term value creation milestones to our calendar. With the addition of Avecia's vaccines, PharmAthene now has established an extensive biodefense portfolio targeting U.S. government requirements."

PharmAthene's biodefense portfolio now includes:

-- A recombinant Protective Antigen (rPA) anthrax vaccine

-- A recombinant dual antigen Plague vaccine manufactured in E coli

-- A third generation rPA anthrax vaccine program

-- Valortim(TM), a fully human monoclonal antibody being co-developed with

Medarex for the prevention and treatment of anthrax infection

-- Protexia(R) a novel bioscavenger to prevent and treat organophosphate

nerve agent poisoning

Under the agreement, PharmAthene has acquired all of the assets related
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