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

ned a sale and purchase agreement with Avecia. Under the agreement PharmAthene will acquire the assets related to Avecia's biodefense vaccines business unit, including a recombinant Protective Antigen (rPA) anthrax vaccine, a novel dual antigen plague vaccine, RypVax(TM), and third generation anthrax vaccine technology.

On March 28, 2008, Avecia received a letter from the Defence Science and Technology Lab, a branch of the UK Ministry of Defence, advising Avecia of the recent resource allocation decision of the US Department of Defense (DoD) and that the DoD had decided not to fund Avecia's plague vaccine candidate beyond the current contractual commitments. The parties are engaged in discussions to amend the terms of the sale and purchase agreement to accommodate this change in circumstances. The Company is still working towards closing in early April.

Conference Call and Webcast

PharmAthene management will host a conference call to discuss the Company's year-end 2007 financial results. The call will take place beginning at 4:30 p.m., Eastern Time on March 31, 2008. The dial-in number within the United States is 866-700-6979. The dial-in number for international callers is 617-213-8836. The participant passcode is 29363875.

A replay of the conference call will be available for 30 days, beginning at approximately 6:30 p.m. Eastern Time on March 31, 2008 until approximately 11:50 p.m. Eastern Time April 30, 2008. The dial-in number from within the United States is 888-286-8010. For international callers, the dial-in number is 617-801-6888. The participant passcode is 76157985.

The conference call will also be webcast and can be accessed from the company's website at http://www.pharmathene.com. A link to the webcast may be found on both the Home Page and also under the Investor Relations section of the website. The webcast will be available for 30 days, or until approximately Apr
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SOURCE PharmAthene, Inc.
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