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

partially offset by reduced travel and other administrative overhead costs.

For the first quarter of 2009 PharmAthene's net loss attributable to common shareholders was $6.0 million or $0.23 per share, compared to $4.7 million or $0.22 per share in the same period of 2008.

PharmAthene's available cash, cash equivalents and short term investments at March 31, 2009 totaled $24.0 million, which excludes restricted cash totaling $9.0 million. For the period ended December 31, 2008, the Company's available cash, cash equivalents and short term investments were $22.9 million, excluding restricted cash of $12.0 million. The increase in cash, cash equivalents and short-term investments at March 31, 2009 from December 31, 2008 is primarily attributable to the receipt of approximately $5.0 million in net proceeds from the public offering of common stock and warrants completed in March 2009, partially offset by funding of operations and the repayment of debt.

David P. Wright, President and Chief Executive Officer of PharmAthene, noted, "The first quarter of 2009 was a productive one for PharmAthene. In addition, we have recently met with senior officials at the Biomedical Advanced Research and Development Authority (BARDA) to discuss the pending FDA submission of our comprehensive regulatory strategy for SparVax(TM) under the recently amended RFP. We submitted a copy of the plan to BARDA last week for review. BARDA officials indicated a willingness to review our proposal when received and we remain on target to meet our stated goal of submitting our plan to FDA by May 21, 2009."

Mr. Wright continued, "BARDA has recently assumed responsibility for funding and oversight of activities under our previous contract for the development of SparVax(TM) with the National Institute of Allergy and Infectious Diseases (NIAID). The scope of work under the BARDA contract, which took effect April 1, 2009, will cover
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SOURCE PharmAthene, Inc.
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