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PharmAthene Reports Third Quarter 2009 Financial and Operational Results
Date:11/12/2009

es, and with preparing and submitting various bids and proposals, along with increased non-cash, stock-based compensation costs for the nine month period.

For the third quarter of 2009, PharmAthene's net loss was $14.0 million, or $0.50 per share, compared to $4.3 million or $0.20 per share, in the same period of 2008. For the nine months ended September 30, 2009, the Company's net loss was $26.6 million, or $0.97 per share, compared to $31.2 million, or $1.41 per share in the same period of 2008.

On July 28, 2009, PharmAthene issued 2-year, 10% unsecured senior convertible notes and common stock purchase warrants ("New Convertible Notes and Warrants") in a private placement in the aggregate principal amount of approximately $19.3 million. This private placement included the issuance of $10.5 million in New Convertible Notes and Warrants to new investors for cash and $8.8 million in New Convertible Notes and Warrants in exchange for 8% senior unsecured convertible notes due August 3, 2009 ("Old Notes") and accrued interest in the same amount. The New Convertible Notes issued in exchange for the Old Notes were accounted for as an early extinguishment of debt, resulting in a non-cash loss on extinguishment of debt of approximately $4.7 million. The proceeds from the sale of the New Convertible Notes and Warrants were used to repay $5.5 million of our Old Notes that were not exchanged for the New Convertible Notes and Warrants and to repay all outstanding amounts and fees under our existing credit facility.

As of September 30, 2009, available cash, cash equivalents and short term investments were $11.6 million. In addition, billed and unbilled accounts and other receivables were $18.7 million at September 30, 2009. The Company estimates that at its currently projected rate of net cash consumption, the existing sources of cash and cash receipts from contract receivables will be sufficient to fund operations through the end of 2010.'/>"/>

SOURCE PharmAthene, Inc.
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