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PharmAthene Reports Year-End 2009 Financial and Operational Results and Provides Update On Ongoing Litigation With SIGA Technologies
Date:3/23/2010

ANNAPOLIS, Md., March 23 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (NYSE Amex: PIP), a biodefense company developing medical countermeasures against biological and chemical threats, today reported financial and operational results for the year ended December 31, 2009.

For the year ended December 31, 2009 PharmAthene recognized revenues of $27.5 million compared to $32.9 million for the year ended December 31, 2008. Revenues for both periods consisted primarily of contract funding from the U.S. government for the development of Protexia®, SparVax™ and Valortim®. The decrease in revenue in 2009 is primarily attributable to the shift of the Protexia® program from broad pre-clinical development efforts, including manufacturing, in 2008 to a focus on clinical evaluation in 2009, as well as the completion, during the third quarter of 2009, of all work and related funding under the initial phase of the Company's contract with the Department of Defense for Protexia®.

Research and development expenses for the years ended December 31, 2009 and 2008 were $30.2 million and $31.8 million, respectively. Research and
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