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PharmAthene Reports Year-End 2007 Financial Results
Date:3/31/2008

t expenses were $16.6 million for the year ended December 31, 2007 and $7.3 million for the same period in 2006. Research and development expense increased $9.3 million in 2007 compared to 2006 primarily as a result of increased process development and manufacturing activities related to Protexia(R) and Valortim(TM) of $9.2 million, and employee-related expenses, including stock compensation expense of $1.8 million. These increases were partially offset by reduced preclinical and clinical activities related mostly to the Valortim(TM) clinical trial program.

General and administrative expenses for the Company in 2007 were $13.9 million compared to $8.5 million for the same period in 2006. The increase in general and administrative costs in 2007 was attributable to increased employee costs, a related increase in travel expense, increased stock compensation expense, and increased facilities costs as PharmAthene relocated its corporate headquarters in 2007 to larger facilities in Annapolis.

PharmAthene's net loss attributable to common shareholders for the year ended December 31, 2007 was $17.7 million or $1.88 per basic and diluted share. Non-cash adjustments for the year ended December 31, 2007 included a $2.4 million credit that resulted from the cancellation of former PharmAthene preferred stock warrants, a $0.9 million gain on the extinguishment of debt, and stock compensation expense of $1.7 million.

As of December 31, 2007, cash, cash equivalents and short term investments were $52.7 million, compared to $5.1 million at December 31, 2006. The $47.6 million increase in cash, cash equivalents and short term investments from December 31, 2006 is primarily attributable to the August 2007 merger with HAQ, which resulted in net cash proceeds of $57.9 million and to the March 2007 $10.0 million credit facility, partially offset by the funding of operations for fiscal year 2007.

On March 20, 2008, PharmAthene announced that the Company had sig
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