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PharmAthene Reports First Quarter 2008 Financial Results
Date:5/13/2008

ommence 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 f
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SOURCE PharmAthene, Inc.
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Related biology technology :

1. PharmAthene to Host First Quarter 2008 Conference Call and Webcast on Tuesday, May 13, 2008
2. PharmAthene Closes Acquisition of Avecia Biodefense Vaccines Business Unit
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
8. PharmAthene to Present at the Cowen and Company 28th Annual Health Care Conference
9. PharmAthene Completes Pharmacokinetic Studies of Protexia(R); Program on Target for IND Filing in 2008
10. PharmAthene Enhances Executive Leadership Team and Appoints Joan Fusco, Ph.D. Senior Vice President of Operations
11. PharmAthene to Present at the BIO CEO & Investor Conference 2008
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