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

2009 2008 (unaudited) Contract revenue $5,521,903 $5,819,054 Other revenue - 21,151 5,521,903 5,840,205 Operating expenses: Research and development 5,695,326 5,929,319 General and administrative 5,145,999 4,357,959 Depreciation and amortization 192,478 196,103 Total operating expenses 11,033,803 10,483,381 Loss from operations (5,511,900) (4,643,176) Other income (expense): Interest income 104,245 471,765 Change in market value of warrants 123,674 - Other expense (123,841) - Interest expense (602,115) (666,997) Change in market value of derivative instruments (3,085) 89,280 Total other income (expense) (501,122) (105,952) Net loss $(6,013,022) $(4,749,128) Basic and diluted net loss per share $(0.23) $(0.22) Weighted average shares used in calculation of basic and diluted net loss per share 26,009,387 22,087,121


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SOURCE PharmAthene, Inc.
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