Date:5/8/2012

"Risk Factors" and in its other reports filed with the U.S. Securities and Exchange Commission (the "SEC"). In particular, there is significant uncertainty regarding the level and timing of sales of ST-246 and when and whether it will be approved by the U.S. FDA and corresponding health agencies around the world. We cannot predict with certainty when SIGA will commence delivering any product or will begin recognizing profit on the sale thereof and there can be no assurance that any profits received by SIGA and paid to us will be significant. Furthermore,  SIGA has publicly stated it intends to appeal the Court of Chancery decision, and there can be no assurances that the decision will not be reversed or that the remedy will not otherwise be modified. In addition, to the extent that there is an appeal, we cannot predict how long that will delay the receipt of payments, if any, from SIGA. Further, significant additional non-clinical animal studies, human clinical trials, and manufacturing development work remain to be completed for SparVax ™, Valortim® and our rBChE products. 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. 

CONDENSED CONSOLIDATED BALANCE SHEETSMarch 31,December 31,20122011(Unaudited)ASSETSCurrent assets:Cash and cash equivalents$

15,304,189$

11,236,771Accounts receivable (billed)1,146,3804,424,442Unbilled accounts receivable4,276,0753,021,208Prepaid expenses and other current assets802,080830,585Restricted cash-100,000Total current assets21,528,72419,613,006Property and equipment, net701,982788,666Other long term assets and deferred costs174,52553,384Goodwill2,348,4532,348,453Total assets$

24,753,684$

22,803,509LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Account
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SOURCE PharmAthene, Inc. Copyright©2010 PR Newswire. All rights reserved

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