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

idates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, as well as risks detailed from time to time in PharmAthene's Forms 10-K and 10-Q under the caption "Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC").

Copies of PharmAthene's public disclosure filings are available from its investor relations department and our website under the investor relations tab at www.PharmAthene.com.

                                -- Tables Follow --

                                 PHARMATHENE, INC.

                            CONSOLIDATED BALANCE SHEETS

                                               March 31,     December 31,
                                                 2009            2008
                                             (unaudited)

                         ASSETS
    Current assets:
      Cash and cash equivalents               $17,245,420     $19,752,404
      Restricted cash                           9,000,000      12,000,000
      Short-term investments                    6,773,594       3,190,912
      Accounts receivable                       9,961,596       8,890,077
      Other receivables                         1,089,857       1,391,512
      Prepaid expenses and other current assets   960,939         917,125
    Total current assets                       45,031,406      46,142,030

    Long-term restricted cash                           -       1,250,000
    Property and equipment, net                 5,211,214       5,313,219
    Patents, net                                  875,098         925,489
    Other long-term assets                        223,026         220,531
    Deferred costs                                 34,643          37,092
    Goodwill                                    2
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SOURCE PharmAthene, Inc.
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