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

,348,453 2,502,909 Total assets $53,723,840 $56,391,270 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $3,409,022 $3,870,871 Accrued expenses and other liabilities 12,197,532 14,624,757 Convertible notes 13,828,776 13,377,505 Current portion of warrants to purchase common stock 377,753 - Current portion of long-term debt 3,947,979 4,000,000 Total current liabilities 33,761,062 35,873,133 Other long-term liabilities 2,230,670 626,851 Warrants to purchase common stock 1,158,031 - Long-term debt - 928,117 Total liabilities 37,149,763 37,427,831 Stockholders' equity: Common stock, $0.0001 par value; 100,000,000 shares authorized; 28,012,031 and 25,890,143 shares issued and outstanding at March 31, 2009 and December 31, 2008; respectively, 2,802 2,589 Additional paid-in capital 146,662,830 142,392,163 Accumulated other comprehensive (loss) income (260,869) 386,351 Accumulated deficit (129,830,686) (123,817,664) Total stockholders' equity 16,574,077 18,963,439 Total liabilities and stockholders' equity $53,723,840 $56,391,270

                                  PHARMATHENE, INC.

                        CONSOLIDATED STATEMENTS OF OPERATIONS

                                           Three months ended March 31,
                                      
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SOURCE PharmAthene, Inc.
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