PharmAthene Reports Second Quarter 2008 Financial and Operation...( On Track to Reach Significant...)

On Track to Reach Significant Milestones in Second Half 2008

ANNAPOLIS, Md., Aug. 12 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported financial and operational results for the second quarter and six months ended June 30, 2008. Operational highlights during, and subsequent to, the quarter included:

-- Submitted response to a Request for Proposals (RFP) issued by the Department of Health and Human Services (DHHS) for an "Anthrax Recombinant Protective Antigen (rPA) Vaccine for the Strategic National Stockpile"

-- Completed acquisition and integration of Avecia's biodefense vaccines business unit creating a diverse biodefense medical countermeasures product pipeline positioned for near-term revenue growth

-- Completed preclinical requirements to commence a Phase I human safety clinical trial of Protexia(R)

-- Initiated commercial scale cGMP manufacturing of Valortim(R)

"The second quarter continued to be a highly productive period for PharmAthene, and sets the stage for a very exciting time for our Company," said David P. Wright, President and Chief Executive Officer. "Over the next several months, we expect to achieve a number of significant milestones which builds value for our stockholders."

"On July 31st 2008 we submitted a response to a Request for Proposals issued by the Department of Health and Human Services, seeking procurement of 25 million doses of a second generation recombinant protective antigen (rPA) anthrax vaccine for inclusion in the Strategic National Stockpile -- the Nation's civilian stockpile of biodefense medical countermeasures," said Mr. Wright. '/>"/>