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PharmAthene Reports First Quarter 2009 Financial and Operational Results
Date:5/15/2009

ANNAPOLIS, Md., May 15 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported financial and operational results for the first quarter ended March 31, 2009.

For the first quarter of 2009, PharmAthene recognized revenues of $5.5 million compared to $5.8 million in the same period of 2008. Revenues for the most recent quarter consisted primarily of contract funding from the U.S. government for the development of Protexia(R), SparVax(TM) and RypVax(TM).

Research and development expenses were $5.7 million for the quarter ended March 31, 2009 compared to $5.9 million in the same period last year. For both quarterly periods these expenses resulted from research and development activities related to programs for Valortim(R) and Protexia(R), and for the first quarter of 2009 also reflect activities related to the SparVax(TM), RypVax(TM) and our third generation rPA anthrax vaccine programs, which we acquired in the second quarter of 2008.

General and administrative expenses for the Company were $5.1 million for the quarter ended March 31, 2009 compared to $4.4 million in the same period in 2008. These amounts include non-cash stock compensation expense of $0.7 million and $0.5 million for the three months ended March 31, 2009 and 2008, respectively. General and administrative expenses increased $0.7 million in the first quarter of 2009 primarily due to increased consulting and legal services associated with compliance and operating as a publicly traded entity, costs related to preparing and submitting various bids and proposal, litigation efforts, and increased employee costs resulting primarily from the additional headcount through the Avecia acquisition. These increases were
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