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PharmAthene Reports First Quarter 2011 Financial and Operating Results
Date:5/11/2011

to our Phase II rPA anthrax vaccine program.  During the quarter we submitted 36 month stability data on our SparVax® vaccine to the Biomedical Advanced Research and Development Authority (BARDA).  These data, combined with our finalization of the technology transfer process to Diosynth in RTP, North Carolina, are pivotal milestones in regards to potential future advanced development funding for the program."

Mr. Richman continued, "In addition, we achieved a significant clinical milestone by completing dosing in a Phase I dose escalation clinical trial of Valortim®.  The trial enrolled 28 healthy volunteers who received escalating IV doses of 1, 5, or 10 mg/kg of Valortim® (or placebo).  We anticipate the in-life portion of the trial will be completed in the third quarter of 2011 with final results available later in the year."

"Finally, regarding our on-going litigation against SIGA Technologies, Inc., all post-trial briefs were filed and closing arguments were held prior to the end of April 2011.  I am pleased with how our legal team presented our case and that the evidence is in and the case is before the Vice Chancellor.  PharmAthene looks forward to the Court's decision."

Update on Quarterly Conference Calls:PharmAthene will continue to issue quarterly press releases of its financial and operating results.  However, management has decided to discontinue conducting regular quarterly conference calls. The Company instead will schedule conference calls in relation to relevant material corporate developments.

About PharmAthene, Inc.PharmAthene was formed to meet the critical needs of the United States and its allies by developing and commercializing medical countermeasures against biological and chemical weapons. PharmAthene's lead product development programs include:

  • SparVax™ - a second generation recombinant protective antigen (rPA) anthrax vaccine and a third gen
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