ANNAPOLIS, Md., March 31 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (Amex: PIP) a biodefense company developing medical countermeasures against biological and chemical threats, today reported financial results for the year ended December 31, 2007.
David P. Wright, President and Chief Executive Officer commented, "In 2007 we continued to advance both our corporate and product development objectives and achieved a number of important milestones which included, obtaining additional contract and appropriations funding for Valortim(TM) and Protexia(R) and generating promising new data in each of these programs. We also completed a merger with Healthcare Acquisition Corp. which provided a stronger financial foundation with enhanced access to capital with which to pursue our business objectives. Our goal was to use these resources to accelerate our growth, which was recently demonstrated by the execution of an agreement for the acquisition of Avecia's biodefense vaccines."
Current and Full Year 2007 Highlights
In addition to the recently announced sale and purchase agreement
signed with Avecia, PharmAthene also demonstrated significant achievements
in 2007, including:
-- Completing a merger with Healthcare Acquisition Corp. and building a
stronger financial foundation for the Company. As a result of the
merger PharmAthene obtained approximately $57.9 million in capital.
-- Receiving a contract for up to $13.9 million from the National
Institutes of Health to support the development of Valortim(TM) for use
as an anti-toxin therapeutic to prevent and treat inhalational anthrax
-- Obtaining up to an additional $2.4 million in funding for Valorti
|SOURCE PharmAthene, Inc.|
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