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PharmAthene Reports First Quarter 2008 Financial Results

ANNAPOLIS, Md., May 13 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (Amex: PIP) a biodefense company developing medical countermeasures against biological and chemical threats, today reported financial results for the first quarter ended March 31, 2008.

"The first quarter was a particularly productive and exciting time for our Company. With the acquisition of Avecia's biodefense vaccines portfolio, completed on April 2, 2008, PharmAthene made substantial progress advancing our mission of becoming a premier biodefense company with industry-leading capabilities and a diversified portfolio of best-in-class, next generation products," commented David P. Wright, President and Chief Executive Officer.

"We have sought first to understand the needs of our customer -- the government, and then identify and acquire the very best products to meet those requirements. By adhering to this strategy we have built a diversified biodefense portfolio that includes novel, next generation rPA anthrax vaccines, an anthrax anti-toxin, Valortim(TM), a chemical nerve agent bioscavenger, Protexia(R), and a novel dual antigen plague vaccine. Many of these programs are poised to achieve important milestones this year, which have the potential to create significant value for our stockholders," said Mr. Wright.

In 2008, PharmAthene expects to:

-- Submit a response to a Request for Proposals (RFP) issued by the

Department of Health and Human Services (DHHS) for procurement

consideration of PharmAthene's second generation rPA anthrax vaccine.

The RFP has a requirement to procure 25 million doses of rPA anthrax


-- File an Investigational New Drug Application for Protexia(R), and

commence the first Phase I safety study in humans, which is expected to

be completed early next year.

Financial Results

PharmAthene received revenues of $5.8 million for the three months ended March 31, 2008 compared to $3.0 million for the same period in 2007. These revenues consist primarily of contract and grant funding from the U.S. government for the development of the Company's chemical nerve agent prophylaxis, Protexia(R).

PharmAthene's research and development expenses were $5.9 million and $3.1 million for the three months ended March 31, 2008 and 2007, respectively. These expenses resulted primarily from research and development activities related to the development of Valortim(TM) for protection against and treatment of inhalation anthrax, and the development of Protexia(R) for treatment of nerve agent poisoning. Research and development expense increased $2.8 million for the three months ended March 31, 2008 as compared to the same period in 2007, primarily as a result of increased process development and manufacturing activities for both Valortim(TM) and Protexia(R), and employee-related expenses including stock compensation expense.

General and administrative expenses for the Company were $4.7 million and $2.5 million respectively, for the three months ended March 31, 2008 and 2007. Expenses associated with general and administrative functions for the Company increased $2.2 million primarily due to increased employee costs, increased stock compensation expense and additional costs associated with the Company's compliance and legal functions.

PharmAthene's net loss for the first quarter of 2008 was $5.0 million or $0.23 per share.

As of March 31, 2008, available cash, cash equivalents and short term investments were $25.7 million, after giving effect to $20.0 million in restricted cash.

Conference Call Information

PharmAthene management will host a conference call to discuss the Company's first quarter 2008 financial results on Tuesday, May 13, 2008 beginning at 4:30 p.m. E.T. The dial-in number within the United States is 866-770-7129. The dial-in number for international callers is 617-213-8067. The participant passcode is 26177716.

Conference Call Replay

A replay of the conference call will be available for 30 days, beginning at approximately 6:30 p.m. E.T. May 13, 2008 until approximately 11:50 p.m. E.T. June 13, 2008. The dial-in number from within the United States is 888-286-8010. For international callers, the dial-in number is 617-801-6888. The participant passcode is 15975144.


The conference call will also be webcast and can be accessed from the company's website at A link to the webcast may be found on both the Home Page and also under the Investor Relations section of the website. The webcast will be available for 30 days, or until June 13, 2008.

About PharmAthene, Inc.

PharmAthene's (Amex: PIP) mission is to be the premier company worldwide specializing in the development and commercialization of therapeutic and prophylactic products for defense against biological and chemical threats. Since its inception, PharmAthene has pursued an acquisitive growth strategy focused on high priority, next generation biodefense products that are in a class of products the government has expressed a clear need and intent to procure. PharmAthene's portfolio currently includes five biodefense medical countermeasures: Recombinant Protective Antigen (rPA) anthrax vaccine; Valortim(TM), an anthrax anti-toxin therapeutic which is being co-developed with Medarex; Protexia(R) a novel recombinant bioscavenger to prevent and treat organophosphorous nerve agent poisoning; RypVax(TM), a recombinant dual antigen plague vaccine; and finally, third generation rPA anthrax vaccine technology. For more information about PharmAthene, please visit

Statement on Cautionary Factors

Except for the historical information presented herein, matters described in this press release may constitute forward-looking statements which are within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "believe," "expect," "anticipate," "plan," "potential," "continue" or similar expressions and relate to, among other things, the ability of the Company to achieve milestones or to create value for its stockholders. Forward-looking statements also include the assumptions underlying or relating to any of the foregoing statements. Such forward-looking statements are based upon current expectations or beliefs of management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including, but not limited to, risks associated with obtaining regulatory approvals, unforeseen technical difficulties, dependencies on certain customers or products, market acceptance and competition, ability to receive grant and contract revenue and procurement funding, ability to identify any additional strategic acquisitions or other opportunities to accelerate growth, cash at the end of the year, as well as other risks described in the Company's filings with the Securities and Exchange Commission, in conference calls and in other communications.

PharmAthene Inc.

Consolidated Balance Sheets


March 31, December 31,

2008 2007


Current assets:

Cash and cash equivalents $19,239,265 $40,582,643

Restricted cash 5,000,000 -

Short-term investments 6,415,735 12,153,945

Accounts receivable 6,562,753 5,245,763

Prepaid expenses 1,068,407 476,511

Other current assets 254,197 15,783

Total current assets 38,540,357 58,474,645

Long term restricted cash 15,000,000 -

Property and equipment, net 6,288,751 6,571,024

Patents, net 1,221,809 1,312,991

Other long term assets 183,588 183,588

Deferred costs 988,650 68,884

Total assets $62,223,155 $66,611,132


Current Liabilities:

Accounts payable $1,434,184 $1,393,664

Accrued expenses and other liabilities 4,296,922 3,602,886

Current portion of long term debt 4,000,000 4,000,000

Total current liabilities 9,731,106 8,996,550

Other long term liabilities 376,501 374,040

Long term debt 15,994,706 16,668,458

Total liabilities 26,102,313 26,039,048

Stockholders' equity:

Common stock, $0.0001 par

value; 100,000,000 shares

authorized; 22,138,723 and

22,087,121 shares issued and

outstanding; respectively, at

March 31, 2008 and December 31, 2007 2,209 2,209

Additional paid-in capital 127,278,108 126,490,647

Accumulated other comprehensive income 1,260,704 1,481,779

Accumulated deficit (92,420,179) (87,402,551)

Total stockholders' equity 36,120,842 40,572,084

Total liabilities and stockholders'

equity $62,223,155 $66,611,132

PharmAthene, Inc.

Consolidated Statements of Operations


Three months ended March 31,

2008 2007


Contract and grant revenue $5,819,054 $2,961,759

Other revenue 21,151 7,000

5,840,205 2,968,759

Operating expenses:

Research and development 5,877,055 3,091,604

General and administrative 4,678,723 2,479,825

Depreciation and amortization 196,103 147,133

Total operating expenses 10,751,881 5,718,562

Loss from operations (4,911,676) (2,749,803)

Other income (expense):

Interest income 471,765 55,616

Interest expense (666,997) (241,781)

Change in market value of derivative

instruments 89,280 7,626

Total other expense (105,952) (178,539)

Net loss (5,017,628) (2,928,342)

Accretion of redeemable convertible

preferred stock to redemptive value - (1,732,275)

Net loss attributable to common $(5,017,628) $(4,660,617)


Basic and diluted net loss per share $(0.23) $(7.50)

Weighted average shares used in calculation

of basic and diluted net loss per share 22,087,121 621,298

SOURCE PharmAthene, Inc.
Copyright©2008 PR Newswire.
All rights reserved

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3. PharmAthene Reports Year-End 2007 Financial Results
4. Department of Defense Awards $5.8 Million Contract Modification Providing Additional Funding for PharmAthenes Protexia(R) Program
5. PharmAthene Year-End 2007 Earnings Conference Call and Webcast Scheduled for Monday, March 31, 2008
6. PharmAthene to Delay Release of Full Year 2007 Financial Results
7. PharmAthene Signs Definitive Agreement to Acquire Biodefense Vaccines Business From Avecia
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10. PharmAthene Enhances Executive Leadership Team and Appoints Joan Fusco, Ph.D. Senior Vice President of Operations
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