Date:4/3/2012

"; "will"; "project"; "potential"; or similar statements are forward-looking statements.  PharmAthene disclaims any intent or obligation to update these forward-looking statements other than as required by law.  Risks and uncertainties include risk associated with the reliability of the results of the studies relating to human safety and possible adverse effects resulting from the administration of the PharmAthene's product candidates, unexpected funding delays and/or reductions or elimination of U.S. government funding for one or more of the PharmAthene's development programs, 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.  In particular, there is significant uncertainty regarding the level and timing of sales of ST-246 and when and whether it will be approved by the U.S. FDA and corresponding health agencies around the world. Further, we cannot predict with certainty when SIGA Technologies, Inc. ("SIGA") will commence delivering any product or will begin recognizing profit on the sale of ST-246 and there can be no assurance that any profits received by SIGA and paid to PharmAthene will be significant.  We note that SIGA has publicly stated it intends to appeal the Court of Chancery decision, and there can be no assurances that the decision will not be reversed or that the remedy will not otherwise be modified. In addition, to the extent that there is an appeal, we cannot predict how long such appeal will delay the receipt of payments, if any, from
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