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

being marketed as products, challenges related to the implementation of our NYSE Amex compliance plan 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"). In particular, there can be no assurance that the Company will prevail in its lawsuit against Siga, or that even if the court rules in the Company's favor, the court will award monetary damages or other remedies adequate to fully compensate the Company for its loses. Further, significant additional non-clinical animal studies, human clinical trials, and manufacturing development work remain to be completed for Valortim®. 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. PHARMATHENE, INC.CONSOLIDATED BALANCE SHEETSUnauditedMarch 31December 3120112010ASSETSCurrent assets:Cash and cash equivalents

$

9,708,249$

11,785,327Restricted cash100,000100,000Accounts receivable, net2,050,5545,367,130Other receivables (including unbilled receivables)6,811,6014,317,170Prepaid expenses and other current assets713,5611,014,002Assets held for sale1,028,6001,000,100Total current assets20,412,56523,583,729Property and equipment, net1,060,6711,178,416Other long-term assets and deferred costs53,38588,447Goodwill 2,348,4532,348,453Total assets

$

23,875,074$

27,199,045LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$

3,924,494$

3,128,203Accrued expenses and other liabilities2,777,8183,035,284Total current liabilities6,702,3126,163,487Other long-term liabilities462,862461,858Derivative instruments5,874,5308,362,995Total liabilities13,039,70414,988,340Stockholders' equity:Common stock, $0.0001 par value; 100,000,000 shares authoriz
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SOURCE PharmAthene, Inc.
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Related biology technology :

1. PharmAthene to Host Year-End 2010 Earnings Conference Call and Webcast on Monday, March 28, 2011
2. PharmAthene Strengthens Scientific Leadership and Program Management for Future Growth
3. PharmAthene Receives FDA Clearance to Reinitiate Clinical Testing of Valortim®
4. PharmAthene Reports Third Quarter 2010 Financial and Operational Results
5. PharmAthene Receives Four Therapeutic Discovery Project Grants Totaling Approximately $850,000
6. PharmAthene Announces Pricing of $15 Million Public Offering
7. PharmAthene Announces Proposed Common Stock Offering
8. PharmAthene Announces $3.9 Million Registered Direct Offering
9. PharmAthene CEO To Participate on Biosecurity Panel at the 2010 BIO International Conference
10. PharmAthene Appoints Mitchel Sayare, Ph.D. to the Companys Board of Directors
11. PharmAthene Reports Year-End 2009 Financial and Operational Results and Provides Update On Ongoing Litigation With SIGA Technologies
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