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

for the Strategic National Stockpile, the award of government contracts to our competitors, unforeseen safety issues, challenges related to the development, scale-up, technology transfer, and/or process validation of manufacturing processes for our product candidates, unexpected determinations that these product candidates prove not to be effective and/or capable of being marketed as products, 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").

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.
              UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

                                               September 30,   December 31,
                                                       2009           2008
                                                       ----           ----

                  ASSETS
     Current assets:
       Cash and cash equivalents                 $4,188,272    $19,752,404
       Restricted cash                                    -     12,000,000
       Short-term investments                     7,382,329      3,190,912
       Accounts receivable                        5,055,107      8,890,077
       Other receivables (including
        unbilled receivables)                    13,668,072      1,391,512
       Prepaid expenses and other
        current assets                            1,765,758        917,125
                                                  ---------        -------
     Total current assets                        32,059,538     46,142,030

     Long-term restricted cash                 
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SOURCE PharmAthene, Inc.
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